Bitcoin’s post-US election rally continues as the total cryptocurrency market capitalization reaches a new all-time high.
Bitcoin (BTC) reached an ATH of $89,604 early Tuesday morning, with a market value of $1.77 trillion. The leading cryptocurrency asset fell slightly as long-term holders began to move.
At the time of writing, BTC is trading at $88,400. Daily trading volume continues to grow, currently standing at $133 billion.
According to data provided by Santiment, Bitcoin’s two-year dormant circulation increased by 130% over the past 24 hours, reaching 13,589 BTC. Addresses holding digital gold for more than three years also soared by 154%, moving 8,235 BTC in 24 hours.
The recent Bitcoin ATH increased the MVRV ratio to 178%, according to Santiment. The indicator shows that the average BTC owner makes a profit of 178% at this price point.
The last time Bitcoin’s two- and three-year dormant circulation spiked was on August 29th. As a result, the asset’s price fell from $60,000 to $54,000 in a week as long-term holders booked profits, data from the market intelligence platform shows. .
Again a challenge to the entire market
Bitcoin’s latest rally has once again brought positive sentiment to the broader sector.
According to CoinGecko, the global market capitalization of cryptocurrencies increased by 4.7% in the last 24 hours and currently stands at $3.11 trillion.
Moreover, the cryptocurrency market has grown by $765 billion over the past week.
Cryptocurrency investment products saw their highest year-to-date inflows at $31.3 billion, according to a report from crypto.news on Monday. Total assets under management reached $116 billion.
This indicates increased interest from both institutional investors as the market turned green following Donald Trump’s victory in the US presidential election.
