Market Cap of Bitcoin Reaches $950 Billion

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Bitcoin regained the price level of $50,000 on Friday after a jump of approximately 2% in the last 24 hours. The total market cap of the world’s most valuable digital asset touched $950 billion today, its highest level since May 2021.

In addition to the latest price jump, the total number of active Bitcoin addresses also jumped significantly near the $50,000 price level. “With Bitcoin’s (temporary, for now) visit to above $50,000, we also saw the first day that there were over 1M addresses interacting on the BTC network in 2 months,” Santiment highlighted on Twitter.

The recent Bitcoin rally triggered massive liquidations across the crypto market. According to the data posted by on-chain analysis platform bybt.com, over $60 million worth of short Bitcoin positions got liquidated in the last 24 hours.

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Coinbase, one of the world’s largest crypto exchanges, saw significant Bitcoin outflows this week as the overall BTC balance of Coinbase reached 700,000, the lowest level since December 2017. Today, a leading Bitcoin wallet transferred 13,539 BTC from Binance. The total value of the mentioned transaction currently stands at around $668 million.

Bitcoin’s $50,000 Price Level

The $50k price level holds significant importance for BTC. Commenting on the recent price movement of BTC, Daniela Hathorn, Market Analyst at DailyFX, said: “As expected, Bitcoin saw some resistance at the psychological $50,000 mark last week, which led to a pullback towards $46,500, allowing new buyers a little bit of a breathing room. Momentum seems to be picking up once again but there is likely to be some strong resistance up until $55,000 as sellers battle to keep their positions, so further sideways consolidation cannot be ruled out within this $5,000 gap. A break above $52,700 would be a good sign that buyers are positioning themselves to tackle the next psychological resistance at $55,000.”

Last month, PayPal, the US-based financial services giant, launched its crypto services, including buying, holding, and selling of Bitcoin, for its UK-based customers.