In March, Bitcoin (BTC) experienced an abrupt decline following a string of bank failures, causing the price to plummet to $19,500 by March 10th. The downward trend persisted for nearly two weeks. However, BTC made a strong comeback just a week later, reaching a ten-month high of $28,803, as reported by crypto.news. A CryptoQuant analyst expressed optimism about BTC's future, citing the currency's "realized price" nearing the $20,000 threshold, which currently stands at roughly $19,916.
CryptoQuant predicts that the Realized Price of Bitcoin is likely to surpass the $20,000 USD level as demand for the cryptocurrency rises and it seeks to regain its all-time high levels.
In addition, with renewed optimism in the market, a Bitcoin whale recently transferred approximately 7,165 coins from the Singaporean exchange, Crypto.com, to an undisclosed wallet. Whale Alert reported that the transfer took place in just a few seconds and consisted of five transactions, each worth 1,433 BTC.
At the time of writing, the bitcoin transferred from Crypto.com is valued at around $200 million. According to crypto.news, Bitcoin is currently trading at $27,914, a 0.5% increase in the past hour. On March 22, the cryptocurrency reached a milestone of $28,800, a level not seen since June 2022. Additionally, Bitcoin maintains a 46.2% dominance over the overall cryptocurrency market, with a market capitalization of approximately $540 billion.