2024-02-21 02:48:35
The conditions have developed in the cryptocurrency market for a potential strengthening of Bitcoin’s position. Analysts of the Bitfinex cryptocurrency exchange wrote about this in a new report, Day.Az reports with reference to RBC.
According to experts, while Bitcoin reached the level that acted as support in November 2021 before the collapse and the start of the bear market, only 11% of the total volume of Bitcoins were purchased at the price currently prevailing in the market, so their buyers are still at a loss. The share of long-term holders (LTH) who are in the red is only 6%. Based on historical data, Bitfinex believes that such indicators are a prerequisite for the growth of the Bitcoin rate.
The price of Bitcoin is at $52 thousand as of February 20, which is 25% higher than the price level at the beginning of the year and 207% higher than the minimum reached in November 2022. Bitcoin is just 28% below its all-time high of $69,000, with coin supply remaining tight and demand growing even as prices rise.
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