Bitcoin, the largest cryptocurrency by market capitalization, is moving on a notably bullish path. The apex cryptocurrency has hit a new milestone after attaining gains that have pushed it to a new peak.
According to data from CoinMarketCap, Bitcoin’s price has surged past $28,000. The asset hit a peak of $29,170 on the Bitstamp exchange yesterday. Bitcoin has recorded its strongest quarter for the first time in two years after soaring by 72%.
Bitcoin’s 24-hour gains are up by more than 2% today. Prices have slightly dropped since the asset soared past $29,000, and Bitcoin now trades at a press time price of $27,911. At present, sentiments from market players are mostly positive. Many still believe that Bitcoin has the potential to maintain an upward trajectory, especially as it has moved much closer to $30,000.
Notably, data from the on-chain market intelligence platform Santiment shows that Bitcoin’s social dominance has surged to nearly one-third of overall asset discussions.
Bitcoin’s accumulation levels have soared since February 2022
The data reveals that Bitcoin makes up to 30.9% of all asset discussions among the top 100 crypto assets. Santiment further noted that Bitcoin is presently trading in a narrow range. This is after the asset went through many stages of volatility bursts throughout the first quarter of 2023. As the market entered the second quarter, the market patterns for Bitcoin might differ entirely from Q1.
Meanwhile, Bitcoin’s accumulation has continued to skyrocket, despite the pushback from the bears. The current interest rate in Bitcoin has only increased with time. As Santiment reported, addresses holding over 10,000 BTC have increased by 10.279, an estimated 7.1% increase since February of 2022.
It appears that these holders are playing the long game, as their holdings are yet to be moved. The overall percentage of available Bitcoins held by these wallets are still stagnant. “…but the amount is closing in on the Sep, 2019.” Santiment added.
Additionally, as the market records the collective downfall of many U.S. banks, customers are moving away from U.S. dollars. Crypto researcher Will Clemente cites a potential increase in Bitcoin’s accumulation in the long term.
“The more headlines we see of countries making efforts to move away from the dollar, the higher the likelihood is that there’s nation-state level Bitcoin accumulation that is going on or has gone on.” Clemente wrote in a recent tweet.