- Despite Bitcoin’s efforts to surpass the $30,000 level it is struggling with its current state, the realized market value of the asset has approached the $400 billion level as of today.
- The increase in BTC’s realized market value indicates a continuous influx of capital into the asset throughout 2023.
- However, while Bitcoin’s realized market value approaches $400 billion, the asset is facing difficulty in moving significantly above the $30,000 level.
Bitcoin is struggling to maintain the $30,000 price level, and the increasing realized market value data highlights the increase in BTC demand.
Increasing Demand in Bitcoin
Despite Bitcoin’s efforts to surpass the $30,000 level, data analytics firm Glassnode reported that the asset’s realized market value has approached the $400 billion level.
According to the data analytics firm, Bitcoin’s Realized Market Value is currently approaching $400 billion and continues to attract new capital into the market despite the ups and downs of the year.
Bitcoin’s Realized Market Value represents the total value calculated based on the most recent prices at which all BTCs have moved or been traded, and it shows investors’ cost basis. When this metric increases, it indicates that BTC is trading at increasingly higher prices and signifies an increase in demand.
According to Glassnode’s report, the increase in BTC’s realized market value indicates a continuous influx of capital into the asset throughout 2023. This continuous influx represents a stable investment environment around Bitcoin and continues despite recent price fluctuations.
Furthermore, Glassnode’s assessment of the increasing realized market value indicates a broader trend in the cryptocurrency market. The data analytics firm stated, “This shows that coins are changing hands at higher prices,” emphasizing the increased demand for Bitcoin.
However, while Bitcoin’s realized market value approaches $400 billion, the asset is facing difficulty in moving significantly above the $30,000 level. In the past 24 hours, the BTC price has traded both below and above the $30,000 level, indicating a consolidation level.
Bitcoin is Struggling for $30,000
Specifically, at the time of writing, the asset’s highest price in the past 24 hours was recorded at $30,292, and the lowest price was $29,792. However, despite this, BTC is currently trading at $29,923 with only a slight decrease of 1% in the past 24 hours.
This recent price movement follows Bitcoin’s rapid rise last week on July 13th. This rise briefly pushed Bitcoin’s price above $31,000 before briefly dropping below the $30,000 level. However, in the past few days, BTC has experienced a withdrawal of over $30 billion from its market value.
The asset’s market value has declined from the $614 billion level seen on July 13th to $583 billion as of today. Additionally, BTC trading volume has also decreased last week, indicating less trading activity.
