• Demand for BTC with the supply cut after the halving could trigger a new high.
• An analyst predicted that Bitcoin might hit a staggering $700,000.

Bitcoin [BTC] hit a $1 trillion market cap for the first time since December 2021, and on the same day, the number of coins on exchanges reached the lowest in six years. AMBCrypto confirmed this after considering what was happening in the market which has been green all week long.

Market cap hits $1 trillion, exchange balance drops

At press time, CoinMarketCap data showed that Bitcoin’s market cap was $1.022 trillion. This was out of a possible $1.94 trillion that the broader market had. A market share like this suggests that the coin still tightly held to its dominance.

In terms of the exchange data, we considered evaluating on-chain data from Glassnode. According to the analysis, the total balance of BTC on exchanges was 2.41 million in August, 2018.

It was noteworthy to mention that BTC’s price jumped from $6,154 to $10,810 in less than a year after the exchange balance was that low.

But as of this writing, the balance had fallen to 2.37 BTC.

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Author: Victor Olanrewaju

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