Bitcoin soon to hit the price level of $40,000

  • Bitcoin has achieved a new all-time high record crossing $39,000
  • 78% of the total current market supply of BTC is illiquid
  • The number of Bitcoin transaction has achieved 17-month high record
  • Despite the leading token, other altcoins are also printing new high records

Moving with the sound speed on Thursday, Bitcoin was observed achieving a new all-time high record at the level of $39,000. It can be considered that the leading crypto token is in stealth mode, breaking its previous ATH. Currently, at press time, the coin designed by Satoshi Nakamoto is trading at the level of $39,500, with an intraday gain of 12.59%. However, currently, the total market capitalization of the coin is more than $730.7 billion. 

Bitcoin is getting hardly accessible for buying

Bitcoin is now having a total market cap of more than $730.7 billion, and a circulating supply of 1,85,93,112 BTC. As we know, it has the maximum supply of 2,10,00,000 BTC only. Recently we observed that as the most famous crypto token is being played into Bitcoin investors’ hands, 78% of the currently circulating supply of the token is illiquid. Hence, BTC is now hardly accessible for buying. However, observing the current scenario, the situation is pointing towards the bullish investor’s mood, as bulk amounts of BTC are being hoarded, reducing the selling pressure. 

An unprecedented number of transactional activity

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According to a tweet from Glassnode, in which a chart revealed that on Bitcoin, the number of transactional activities is showing some upward trends. Observing the chart, it is revealed that the number of BTC transactions has crossed the level of 16,480. Indeed, it was observed that in the hourly, 1d MA transaction chart, the current trend had achieved a seventeen months high record. The previous all-time high number of BTC transactions was 16,435.792, back in August 2019.

How are other Altcoins performing in the market?

Observing all the data, it seems soon creating a new ATH, and Bitcoin will cross the price level of $40,000. Following the continued bullish hold of the leading crypto token, it is also observed that other Altcoins are also performing bullishly, and creating record gains. According to the data from the CoinMarketCap, on Thursday, Ethereum (ETH) was up with an intraday gain of 5.36%, and Ripple (XRP) was also up with an intraday gain of more than 35%.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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