Over the past week, Bitcoin (BTC) has made a solid move, rising as high as $ 47,000. Even now, BTC stands above critical support levels of $ 45,000. At the time of the press release, bitcoin is trading at $ 46,392 and has a market capitalization of $ 370 billion.
This is facing a significant improvement in bitcoin performance in the chain. The Bitcoin network continues to absorb new capital inflows. The network equivalent of bitcoin’s market capitalization, namely capitalization, has reached an unprecedented high level.
As glassnode reports, ” it is calculated by pricing each coin according to the price at which it was last released, which represents the total cost base for the market.”
The upward trend in realized capitalization explains that coins collected at lower prices are spent and sold, and the market must withstand selling pressure to maintain its upward trend. As glasnoud explains,:
The capitalisation that took place began to rise at the end of July, reaching a new record high of $ 379 billion. With Spot prices continuing to rise, this suggests that new capital is entering bitcoin and the Sunday can absorb that selling pressure.
Best wishes: Glassnode
Bitcoin miners ‘ incomes rise per share
Bitcoin heshreyt continued its northern journey after a 50% collapse in May amid a break-up in China. With the Bitcoin network currently mining 112 EH / s, heshreyt has risen 25% in the past two months.
May May 2020, after halving bitcoin last year, miner revenue fell to 5.6 BTC/eh from 9.5 BTC/EH in May 2021. However, due to the recent Great Migration of miners, there is also a good adjustment with protocol difficulties.
All miners who continued to stay online during the last Migration Period saw their revenue from bitcoin mining rise 57% to 8.8 BTC / eh.
Best wishes: Glassnode
So the net balance of bitcoin miners has also increased in the past two months. Net growth in miners ‘ balance sheets exceeded $ + 5k in the month, which led to reduced sales
