Bitcoin Consolidates around the $1 Trillion Market Cap, Long-Term Holders Accumulating
For the past three months, the Bitcoin market cap has been oscillating at $1 trillion. It coincides with continuous accumulation from long-term holders, as on-chain data reveals.
The good news for Bitcoin proponents is that other metric reveals a more profound and robust market despite the consolidation.
Bitcoin has been consolidating around the $1 trillion market cap threshold for almost three months.
What’s happening behind the scenes, and how should investors be thinking about the recent price action of bitcoin?
— Bitcoin Magazine (@BitcoinMagazine) May 9, 2021
For instance, while long-term holders are accumulating, miners—who play a critical role in securing the network and BTC inflation, are also HODLing.
Their decision to hold often translates to mean market confidence and possibilities of higher highs.
Meanwhile, realized cap—calculated by valuing the price of BTC at the time it was moved—has been rising over the last few months, reaching $370 billion on May 9. This surge means capital is being moved continuously to the BTC market even with general market cap flat-lining.
SpaceX to Accept DOGE
As if the excitement around Dogecoin is getting started, SpaceX—the multi-billion firm associated with Elon Musk—plans to launch the “DOGE-1 Mission to the Moon” at a tentative time in Q1 2022.
During that time, they will accept Dogecoin as payment in partnership with Geometric Energy Corporation.
JUST IN: Elon Musk and SpaceX will launch 'DOGE-1' to the moon‼️😳
SpaceX will accept Dogecoin as payment to launch the mission later this year. Elon said "SpaceX is going to put a literal Dogecoin on the literal moon". pic.twitter.com/3YPLoiesHs
— RapTV (@raptvcom) May 9, 2021
According to Tom Ochinero, the SpaceX vice president of commercial sales, this will demonstrate cryptocurrency’s application that will set the foundation for interplanetary commerce.
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