On November 9, Bitcoin renewed its all-time highs above $68,500. Over the past 24 hours, the asset price has increased by 4%, While the total crypto market cap has crossed $3 Trillion for the first time ever, according to CoinGecko.
At the time of writing, Bitcoin is trading near $68,000. Its market cap is $1.28 trillion and its dominance index is 41.8%.
Glassnode analysts noted that amid rising prices, BTC exchange outflows are still fading which is a particularly bullish sign.
As #Bitcoin hits new All-Time-Highs, exchange balances continue to be depleted.
Exchange reserves we track account for just over 12.9% of the circulating supply and are still seeing outflows, even at ATH prices.
— glassnode (@glassnode) November 9, 2021
According to experts, on-chain activity is very slow and is still below the peak levels of hype and euphoria periods of 2017 and Q1 2021.
Glassnode report says:
“This strongly suggests that the market is probably still in a phase of moderate accumulation, characterized by low activity, the large outflow of funds from exchanges, and modest strategic spending by experienced investors.”
The second-largest cryptocurrency in terms of capitalization, Ethereum has updated its all-time high, the price exceeded $4,800. Ethereum has risen in price by 1.4% over the past 24 hours, according to CoinGecko.
At the time of writing, the asset is trading near $4808 with a market capitalization of $569.96 billion.
The Ethereum price is mounting because of the decrease in the Ethereum supply due to the burning of ETH in transaction fees. According to the Watch the Burn service, over the past seven days, the ETH network has burned 85,894 ETH ($ 413.29 million).
Recall that the investment bank Goldman Sachs said that Ethereum will rise to $8,000 by the end of 2021.