Bitcoin’s realized capitalization skyrocketed to an all-time high over $880 billion, noted CryptoQuant. This milestone came against a backdrop of extreme market volatility, with Bitcoin trading down to around $43,000 before bouncing later that same day. The wider cryptocurrency market followed suit on Friday with small losses, even as Bitcoin was poised to end April on a positive note.
CryptoQuant didn’t fail to highlight the significance of this milestone. They highlighted a pretty historical trend: whenever a realization capitalization increases, Bitcoin’s price typically skyrockets soon after.
Historically, large accumulations of realized capitalization have been mostly followed by considerable price increases in Bitcoin. - CryptoQuant
The total value of the global cryptocurrency market is currently at $2.95 trillion. This represents a minor 0.27% drop in the past 24 hours. This slight contraction came while Bitcoin, the largest cryptocurrency, was feeling some intraday pressure.
Earlier in the day, Bitcoin prices took a tumble below $92,000 but managed to bounce back by evening to the mid-$94,000s. At the time of writing, Bitcoin was trading at . At that price, it looks set to close out April with an impressive gain of over 14%. At the same time, Ethereum was priced at $1,796.30, down by 1.22% for the month of April.
Recent market activity has caused the perfect storm leading to extreme liquidations. In just the last 24 hours, nearly $343 million has been erased from the crypto market. Long liquidations made up more than $211 million of this sum. The same trend was witnessed by Bitcoin’s Open Interest, which experienced a 0.69% decrease over the same period.
Trading view analyst Ali Martinez has identified a key BTC price level to watch. He thinks it could be a good candidate, if certain criteria are met.
If Bitcoin breaks and holds above $95,870, the next key target, based on the MVRV Pricing Bands, is $114,230. - Ali Martinez
