The price of world’s largest cryptocurrency, Bitcoin, hit $57,000 level for the first time in 17 days after the U.S. House of Representatives passed a coronavirus stimulus package worth $1.9 trillion.
Global equities were also experiencing a boost today after the passage of the stimulus package. With major institutions buying Bitcoin, developments in the financial world such as stock markets rising have started to impact the digital verse significantly.
The dominant cryptocurrency traded at $55,610.07, up 2.1%, having moved in a range of $54,564.01-$57,369.21 over the past 24 hours. The crypto asset trades 4.8% lower from its lifetime high of $58,640.77 reached on 21 February.
According to a global cryptocurrency exchange, Kraken, Bitcoin flow was evenly split between buyers and sellers. However, flow in both directions was uneventful and indicative of market participants remaining off on the sidelines.
According to Kraken, since 13 March 2020, the percentage of BTC’s supply on exchanges has dropped lower and lower. Last March, we witnessed this percentage increase to a historic high of 16.7%. However, it then tumbled down to today’s three-year low of 13% amid what is currently an epic bull market rally. Considering a rise in on-exchange balances often means that market participants are moving coins onto an exchange to cash out, the declining number of coins on exchanges implies that market sentiment is still incredibly bullish.
Moreover, Kraken says that it tells us that new market participants are resuming to enter the market, load up their bags, and then move their coins off into storage. Until we observe a reversal in this trend, the case could certainly be made that demand is likely to far outpaced supply in the days, weeks, and months ahead.
Ethereum, the world’s second-largest cryptocurrency, declined by 1.6% and settled at $1,785.10. Significantly, the cryptocurrency is about 13% down from its all-time high of $2,043.
Furthermore, other major cryptocurrencies, Cardano and Ripple, declined by 3% each.
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