Bitcoin (BTC) Price Today Maintained Its Position Around by Reaching USD 83195.08, Around USD 83800 (at 1:20 PM IST).

Bitcoin's price today maintained its position around by reaching USD 83,195.08, around USD 83,800 (at 1:20 PM IST).

Bitcoin (BTC) price on Thursday maintained its position and was seen trading at around USD 83,195.08, around USD 83,800 (at 1:20 PM IST). The BTC price had recently touched USD 88,000 but quickly fell and maintained its price at around USD 84,000. Further, as per the former CEO of MicroStrategy, Michael Saylor, the cryptocurrency will reach the USD 500 trillion mark. However, the Bitcoin value has been stable and did not drastically fall or rise.

Bitcoin price remained relatively flat on Thursday after a recent rise in cryptocurrency prices stalled. The world’s leading cryptocurrency, Bitcoin, was trading at around USD 83,195.08 at 1:20 PM IST.

According to Benzinga, the former CEO of MicroStrategy (NASDAQ:MSTR) and a well-known Bitcoin bull, Michael Saylor, believes that the cryptocurrency’s market cap will eventually reach an astounding USD 1 quadrillion. In an interview with the media outlet, Saylor mentioned that the total market cap of all asset classes, including equities, bonds, and real estate, is currently estimated to be around USD 1.5 quadrillion.

Further, Saylor noted that over the past 100 years, the market cap of equities has grown to become the largest, closely followed by bonds. In his opinion, as cryptocurrencies continue to develop, their market cap will eventually surpass that of equities.

Moreover, Saylor believes that the U.S. stock market will likely reach a market cap of around USD 500 trillion by the time cryptocurrencies achieve the same level.

Earlier this week, Bitcoin fell below the key USD 84,000 level as the recent rally in cryptocurrency prices appeared to be stalling.

According to data from blockchain analytics firm Glassnode, the realized price of Bitcoin fell below the crucial barrier at around USD 76,000. This decline occurred after a period of consistent gains, pushing the realized price to nearly touch the resistance level of USD 80,000.

In essence, realized price is the average price at which coins last moved on-chain. It is a valuable indicator of realized profit or loss for holders.

Furthermore, the analysts at Glassnode pointed out that despite the recent price decline, Bitcoin’s realized price remained elevated compared to previous bull markets.

After reaching a high of over USD 73,000 in early 2022, the realized price of Bitcoin experienced a significant increase throughout 2023, driven by a sustained period of price appreciation.

As the price continued to rise, it crossed the realized price several times, indicating that a portion of the coins were last moved during periods of high price.

However, the recent price decline caused the price to fall below the realized price, suggesting that some profit-taking activity occurred as the price dropped below the last realized price.

The analysts noted that this development was not entirely unexpected, given the substantial gains witnessed in the cryptocurrency market this year.

According to the analysts, “As the market experiences a correction from the highs, we can anticipate further downward pressure on realized price.”

Additionally, they observed that the realized price had not fallen below the price significantly in the past, and it remained relatively high in the current cycle.

According to the analysts, “This is an interesting divergence from prior cycles, where realized price used to lag price by a greater margin, especially during bear markets.”

The analysts explained that this indicated that a larger portion of the coins were last moved during periods of low price, which is typical during bear markets, when on-chain activity tends to decrease.

However, in the present cycle, they noted that on-chain activity remained relatively high even as the price dropped, suggesting that a portion of the coins were last moved during periods of high price, which is more typical during bull markets.

The analysts stated, “This aligns with the observation that realized price did not fall below price to the same extent as in previous cycles.”

According to the analysts, “As price continues to move lower, we can expect realized price to follow suit, and it will be interesting to observe how far this decline in realized price will proceed.”