[ad_1]

Quick Take

Realized price, a metric reflecting the collective price at which each coin was last utilized on-chain, experienced significant fluctuations over the past week. The short-term holder (STH) realized price, showing the average on-chain acquisition price for coins moved outside exchange reserves within the past 155 days, is inching towards $50,000 – a notable rise from $40,000 just a month ago.

As Bitcoin’s price escalates, so does the short-term holder supply. This is likely due to FOMO, as traders rush to enter the market during Bitcoin’s upward price movements. Recent data shows a 9% surge in STH realized price within a week, mirroring similar percentage changes seen in December 2020. This was a significant precursor to Bitcoin’s price soaring from approximately $17,000 to $64,000 during the 2021 bull run.

Yet, the current landscape suggests possible further growth, reminiscent of the scenario post-December 2020 when STH realized price witnessed a 20% increase, indicating an impending peak.

Short Term Holder Realized Price: (Source: Glassnode)
Graph showing the 7-day rate of change for short-term holders cost basis from 2014 to 2024 (Source: Glassnode)

The post Short-term holder realized price nears $50,000 appeared first on CryptoSlate.

[ad_2]

Source link

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *