BTC Price: Data Shows That Bitcoin is Trading Above Realized Price Amidst Market Panic
The cryptocurrency market has been going through a fair share of trauma with the recent decline in the prices of various assets. The fall in price, which can be attributed to various macroeconomic factors, caused the global market cap to drop by 1.63% in the last 24 hours. According to CoinMarketCap data, the global crypto market cap stood at $1.10 trillion at press time.
Amidst the market chaos, the founder of LookintoBitcoin, Philip Swift, shared some interesting data.
Bitcoin is Trading above the Realized Price
According to the data on price action 140 days after the realized price breakout, the price of Bitcoin is trading above the realized price of $20,167. BTC is trading at $26,256 at press time, which, according to Swift, is a clear breakout for BTC above its realized price. A zoomed-out picture of the chart shows that Bitcoin is performing well and as expected for this stage of the cycle.
Bitcoin and Ethereum have shed 1.98% and 1.72%, respectively, amidst the recent market turmoil. BTC has dropped below the $27,000 level, whereas ETH has plummeted below the $1,800 level.
Amidst the ongoing debt ceiling negotiations in Washington and varying perspectives among Fed officials regarding interest rate hikes, bitcoin has exhibited characteristics of a risk asset once again, diverging from its earlier trend of trading more closely with gold earlier this year.
Both bitcoin and ether are currently experiencing their least favorable month in 2023, with bitcoin down by 12% and ether down by nearly 9.7%, respectively, in 2023.
The trending meme coin, PEPE, has also suffered from market chaos, as it is down by 4% in the last 24 hours. PEPE is also down by 10% in the last seven days. The current market turmoil hasn’t spared any altcoins, as most of them have exhibited single-digit losses.