BTC’s cost hit $55,155, showing strong business desire and adaptability.
Trading volume upgraded by 50.80%, reaching $24.25 B in the last 24 hours.
Expert study implies the bull cycle is far from over, with more gains expected.
Bitcoin has seen a 1.30% increase in value over the past day, reaching an expense of $55,155.67 as of the latest data on CoinMarketCap. This price increase reflects the token's resilience and ongoing trade interest. The market capitalisation of BTC remains at $1.089 trillion, marking a 1.29% increase from the previous day. The coin continues to hold its position as the number one by market cap.
The trading volume over the previous day has also seen a notable rise, with a 50.80% increase, bringing the total volume to $24.25 billion. The volume-to-market cap ratio right now stands at 2.22%, showing a healthy level of trading relative to the overall market value.
Source: coinmarketcap
The circulating supply remains steady at 19,751,887 BTC, representing 94.06% of the total maximum supply of 21 million BTC. This limited supply continues to be a critical factor in the coin's value proposition, as it drives scarcity and demand. The fully diluted market cap, which considers the total supply, is approximately $1.158 trillion.
The chart shows BTC's economic movement over the past day, with the purchase cost commencing at around $54,450 before experiencing some instability. The rate dipped slightly below $54,000 before rebounding to its present level above $55,000. This recovery is a positive sign for purchasers, indicating that it has found help at lower points and is poised for further gains.
Bitcoin Bull Cycle Still Far from Its Peak, Expert Suggests
A lately post from crypto supervisor Doctor Profit has started discussions among BTC purchasers and enthusiasts, suggesting that the current bull cycle is far from over. According to the post, BTC has not yet reached the peak of this cycle, and the trading is still in the early stages of a parabolic move.
He pointed out that corrections and sideways trends are normal during a bull trading. He pointed out that these patterns have been observed in every previous token's cycle, indicating that the current equity behaviour is consistent with historical trends. The tweet included a chart showing Bitcoin's purchase movements since 2012, with each bull cycle exhibiting similar corrections before continuing upward.
https://twitter.com/DrProfitCrypto/status/1832725879933276288
The analysis suggests that investors should remain patient and avoid selling during the current consolidation phase, as the parabolic move is still unfolding. He advises against "fading the parabolic move," implying that those who sell too early may miss out on apparent gains as the coin continues its higher tendency.
The text, which has garnered over 91.7K views, has resonated with many in the crypto surroundings, who are enthusiastic to see if BTC can continue its rise and reach new all-time highs. As the value continues to evolve, investors will be closely monitoring BTC purchase changes and considering Doctor Profit's advice to maintain a long-term standpoint.
The post Bitcoin Surges to $55,155 as Bull Market Gains Dynamism appeared first on Crypto News Land.
