The prices of Bitcoin have shown major correction in the ongoing year, and on the other hand, holders have also surged at an appreciable pace.
However, a recently published report clearly states that the Bitcoin reserve of Binance, the leading cryptocurrency exchange has fallen to a lower level since January 2024 for the first time.
As of writing Bitcoin prices have been trading at $98,100 with an addition of 131.96 percent in the Year-to-date frame and more than 62 percent in the half-yearly frame. According to a report from CryptoQuant, the total number of Bitcoin held by Binance reached 570,000 BTC, the lowest recorded since January this year.
As per finance experts, when the reserve of any exchange declines that signals a shift in the interest of investors towards the long-term price prospect of BTC. The published blog post notes ” When periods of withdrawals occur, it is often a sign of positive momentum building in the market.”
Source: TradingView
The current decline in reserve was earlier seen in January when Bitcoin was below the mark of $75k, yet the reserve popped again when BTC surpassed the level of $78k in March 2024.
Till writing the highest number of Bitcoins were held by wallets of Coinbase, wallets of Satoshi Nakamoto, BlackRock, and MicroStrategy.
Bitcoin Market Capitalization to reach new heights!
Since the past few years, the market capitalization of Bitcoin has shown several additions, at the time of writing its market capitalization was $1.94 trillion.
Source: TradingView
The current capitalization of Bitcoin was above the 50, 100, and 200-day exponential moving average, at the same time it was below the 20-day EMA.
Crypto experts argue that the market capitalization of Bitcoin is expected to soon cross the milestone of $3 trillion, and might challenge the GDP of some developing nations.
The halving of Bitcoin, the acceptance of Bitcoin ETFs, the expectation of a more crypto-friendly next US government, and growing institutional interest are some of the reasons for the spike.
Data available from Tradingview states that the market capitalization of Bitcoin has grown 132 percent in the YTD frame and more than 135 percent in a year. The surge has been triggered by the growth in prices of BTC, trading volume, and adoption; it is further speculated that these factors might help it to reach new heights.
Since surpassing the critical $100,000 mark for the first time on December 5, Bitcoin has had difficulty staying above it. The bitcoin price hit a new high of $108,300 on December 17 and has been trading below $100,000 since December 19.
The recent candles’ string of higher lows supports the short-term bullish structure. A significant break of the $100,252 level would serve as a catalyst for a move toward the most recent highs, which are close to $108,000.
With $105,000 and $108,000 serving as important resistance zones, breaking $100,252 should pave the way for a test of higher levels.
