Key Points
- Bitcoin (BTC) hits a new all-time high (ATH) of $89,604, leading to a surge in the global crypto market cap.
- Long-term holders have begun to move their assets, triggering a market-wide rally.
Bitcoin’s performance has been impressive following the U.S. elections, with the total crypto market cap reaching a new peak.
Bitcoin (BTC) attained a new ATH of $89,604 early Tuesday, yielding a market value of $1.77 trillion. However, the leading crypto asset experienced a slight decline as long-term holders began to take action.
Bitcoin’s Current Performance
At the time of writing, BTC is trading at $88,400. The daily trading volume of Bitcoin continues to rise, currently standing at $133 billion.
Data from Santiment reveals a 130% increase in Bitcoin’s two-year dormant circulation over the previous day, amounting to 13,589 BTC. Addresses that have held the digital gold for over three years also saw a 154% surge, moving 8,235 BTC within 24 hours.
Bitcoin’s recent ATH has pushed its MVRV ratio to 178%, as per Santiment data. This indicates that the average BTC holder is realizing a 178% profit at this price level.
Impact on the Crypto Market
Bitcoin’s recent rally has rekindled positive sentiment in the wider crypto sector.
The global crypto market cap has grown by 4.7% in the last 24 hours and is now at an ATH of $3.11 trillion, as per CoinGecko data.
The cryptocurrency market has seen a $765 billion increase over the past week.
Investment products related to cryptocurrency witnessed their highest year-to-date inflows, amounting to $31.3 billion. The total assets under management have reached $116 billion.
This indicates an increased interest from institutional investors as the market turned green following the U.S. presidential election.
