Bitcoin bulls have been working overtime this month. As prices strive to return to previous highs, other notable metrics have corrected upward. Bitcoin’s market valuation is one metric that has returned to previous levels. At the time of this report, Bitcoin’s market cap is valued at $1.01 trillion. As a result, the total crypto market cap is now above $2 trillion.
As reported by the on-chain analytics platform Glassnode, the milestone is one of the most notable for the apex cryptocurrency. It bears mentioning that Bitcoin’s market cap last visited these levels three years ago.
The newly attained milestone hints that Bitcoin has been making a long-term price recovery. Additionally, the asset is now competing with other leading traditional firms like Tesla and Berkshire Hathaway, both of which have been long-term Bitcoin rivals. This further underscores its growing significance in the financial landscape.
As Glassnode reported,
“Bitcoin has reclaimed the $1T market cap, a key milestone, for the first time since December 2021. It now has a bigger capitalization than giants such as Walmart, Tesla, or even Berkshire Hathaway.”
Despite the positive impact that the new development might have on Bitcoin’s current price levels, Glassnode revealed that market cap is still a limited metric for measuring digital assets like Bitcoin.
Traders and investors compete to secure profits following Bitcoin’s rise to $50,000
Meanwhile, Bitcoin traders are reportedly in battle around the asset’s $50,000 market value. Bitcoin’s psychological support/resistance price levels hint at when the crowd is getting greedy or fearful. It bears mentioning that when it comes to these psychological support levels, the level of FOMO or FUD plays a major role in whether the asset’s value is exceeded in the long term. On-chain data reflects this pattern at the $55,000 price level.
Highlighting the current market pattern, Santiment disclosed that sentiments were largely positive before Bitcoin tapped $50,000 for the first time since December 27th, 2021.
“BTC levels were already being anticipated just as $50K was being crossed for the first time on Monday. This created what at least turned into a temporary top, just as we saw many $55K calls right after $45K was crossed a month ago.” Santiment explained.
As we advance, it is important to keep in mind that when a major milestone has been attained, it could be beneficial to pay attention to the price levels market players are calling for.
Excitement over the apex cryptocurrency crossing a price level that has just been eclipsed is usually a sign of an appropriate crowd discussion. On the flip side, an uptick in much higher levels than the current market price often indicates that the crowd has become even more greedy, and a local top is more likely.
Bitcoin is trading for $51,529 at press time after bulls successfully reclaimed momentum. Daily and monthly gains are up by 3.45% and 20.96%, respectively.
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