Bitcoin continues to operate above the $ 118,000 brand, being stable after a week of significant institutional developments and a historical milestone in metrics in the chain. According to Coindesk data, BTC was the last 1.45% in the last 24 hours, which raised its 30.42% gain and raised its year to more than 26%.
The Blockchain analysis analysis firm, Glassnode, highlighted in its latest “week in the chain” that Julio has brought one of the strongest outbreaks of the year. After diving to around $ 105,400 at the beginning of the month, Bitcoin increased to a historical maximum of $ 122,700 before settling in a consolidation phase just below that level. The report indicated that this price rally caused a large amount of earnings of long -term holders and at the same time attracted new buyers, which led to a sustained entry of capital in the asset.
The result is that the capitalization made of Bitcoin, a measure of the total value of the currencies based on the last time they moved, has now exceeded $ 1 billion for the first time. Unlike market capitalization, which reflects the current prices multiplied by the total supply, the CAP carried out tracks the real liquidity implemented in Bitcoin over time. This milestone reflects the growing conviction between long -term holders and new participants, and indicates a deepening of the asset liquidity base. It also points to the growing Bitcoin role in the macroeconomic stage, with the ability to absorb and establish increasing volumes of capital.
Institutional activity has continued to dominate the headlines. On Friday, the Digital Galaxy (GLXY) of Mike Novogratz announced in a press release “the successful execution of one of the most large bitcoin’s notional transactions in the history of cryptography on behalf of a client.”
Galaxy said he had executed a Bitcoin transaction of more than $ 9 billion in the name of an investor inherited from the first days of the network. The sale of 80,000 BTC is one of the largest of its kind in Crypto’s history and, according to reports, was part of customer’s patrimonial planning.
Meanwhile, on Friday, CNBC resurfaced a detail of the profit presentations of the second quarter of Tesla of 2022, which revealed that the company had turned approximately 75% of its bitcoin into fiduciary currency during that quarter.
With Bitcoin floating around $ 118,000 on Friday morning, David Faber, a “Squawk on the street” coanfrerion, estimated that Tesla had maintained its entire Bitcoin Holdings, the value of his BTC holdings now would exceed $ 5 billion, four times more than its valuation of $ 1.25 billion to the most recent quarter.
TECHNICAL ANALYSIS
- According to the technical analysis data model of Coindesk Research, during the 23 -hour session ending on July 26 at 2:00 p.m. UTC, the digital asset was recovered more than 3%, stirring a negotiation range of $ 3,300 between $ 114,937 and $ 118,237.
- The support has remained firm in the area of $ 117,140– $ 117,330, while the resistance seems to be consolidating just below the threshold of $ 118,200.
- The last time of negotiation saw modest profits of 0.07% as BTC rose from $ 118,095 to $ 118,183, with a strict range consolidation that suggests a continuous purchase interest just below the psychological resistance.
Discharge of responsibility: Parts of this article were generated with the assistance of artificial intelligence tools and reviewed by our editorial team to guarantee the precision and compliance with Our standards. For more information, see Coindesk’s complete policy.
