Bitcoin market cap hits new ATH, although price has not yet peaked

The market capitalization of the leading digital coin Bitcoin rose to a new all-time high of $ 1,211,242,526,571 on October 19.

The source: Twitter

Meanwhile, Bitcoin reserves held by exchanges have dried to three-year lows, and Bitcoin is still 1.2% off its April ATH of $ 64,863.

Dylan LeClair, an on-chain analyst and founder of 21paradigm.com, tweeted that the current Bitcoin market cap has surpassed the all-time high of $ 1.206 trillion recorded in May.

ATH’s previous market cap coincided with the all-time high in Bitcoin price of $ 64,863. Currently, the largest cryptocurrency is changing hands at $ 64,173, just over 1% away from ATH.

Source: TradingView

Meanwhile, Bitcoin is peaking with more than a million active wallets per day, according to Santiment.

The source: Twitter

Meanwhile, the Bitcoin reserves on the crypto exchanges have fallen to a three-year low as investors withdraw BTC for long-term storage in their cold wallets.

The source: KryptoQuant

Steve Hanke attacks Bitcoin again

Well-known economist Steve Hanke tweeted that the king cryptocurrency was approaching an all-time high after the first day of the introduction of the Bitcoin ETF. It’s the follower effect.

Hanke has long been an anti-bitcoin and has made fun of BTC and its investors a lot this year by posting memes on Twitter. It looks like he copied Elon Musk, who also loves posting memes, but he mainly uses them to pump Bitcoin and his favorite DOGE.

In a series of previous tweets and this latest tweet, Hanke predicts a major turnaround for Bitcoin, which he believes will inevitably occur after the “Bitcoin bubble” gets big enough and then suddenly bursts, bringing investments to zero.

The source: Twitter

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Annie

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