Many of the altcoins have recently spiked to their record high and in the meantime, the prices of Bitcoin have consolidated for their preparation to gain renewed push for the level of $49,000.
On 12th February, Friday, the BTC price has successfully managed to reach its all-time high by hitting the new level of $48,985 and pulled back soon to the mark of $46,000.
Unprecedented Rally Of Bitcoin
By looking at the chart of 4 hours it will be evident that the leading cryptocurrency trading has recently experienced a small time of consolidation. However, Bitcoin is on its bullish momentum which can be seen across the extreme highs and lows in their price levels.
In case BTC is able to retain its present structure and pace, a move towards the level of $50,000 might potentially take place before this weekend is over.
The reports of the analysts of Decentrader reveals that the liquid supply of Bitcoin is on a decline while the demand for BTC has been on the rise since the number of Bitcoin which did not move to the on-chain for a prolonged span of time is also increasing.
The chart already shows that the present BTC has a liquid supply that is approximately 4 million coins along with the number being steadily decreasing from June 2020 because the whales, as well as institutional investors, spiked their coverage to this preliminary asset class.
In addition, the evidence of this growth of large money players is seen by observing the spike in the wallets possessing over 1000 Bitcoin.
As the figure of big wallets increases, the figure of small wallets is still the same or decreased showing that big players are scooping the BTC away from small players.
The total market cap of cryptocurrency is $1.48 trillion while the dominance rate stands at 60.4%.
