, BTC increased its value by 25% since last week, while on a month-to-date basis the king coin grew by 15%.
The stupendous performance came amidst the crisis induced by the collapse of big institutions like Silicon Valley Bank and Signature Bank, with more investors shifting funds into the crypto economy. BTC’s upswing pushed global crypto market capitalization to $1.16 trillion with a marginal increase over the last day.The sharp uptick in BTC’s price intensified discussion around the onset of the crypto market’s bull cycle. As per CryptoQuant, Bitcoin’s MVRV ratio hit 1.405 at press time. Generally, when the ratio is above 1 and below 3.7 , it signals a bull market phase.
This trend is very similar to the one seen at the start of 2023 when BTC made a sharp move upward after the lows of post-FTX crisis.Furthermore, the proportion of Bitcoin’s circulating supply that is held in profit soared to over 70%, well over its 365-day moving average. A value of 90% or more was seen to have occurred during market tops.
Hence, it implied that the bullish cycle can continue for good without triggering an intense sell-off.
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