On November 9, bitcoin price surged to a fresh record above $68,500. Over the past 24 hours, the asset rose about 4%, according to CoinGecko.
At the time of writing, bitcoin traded near $68,000. Its market capitalisation stood at $1.28 trillion, and its dominance index was 41.8%.
Analysts at Glassnode noted that, against the backdrop of price growth, outflows from cryptocurrency exchanges intensified. Their reserves accounted for just over 12.9% of the circulating supply.
As #Bitcoin hits new All-Time-Highs, exchange balances continue to be depleted.
Exchange reserves we track account for just over 12.9% of the circulating supply and are still seeing outflows, even at ATH prices.
Read: https://t.co/unaRv5iHHq
Watch: https://t.co/5K2LuXChem pic.twitter.com/vSWjsbkPRJ
— glassnode (@glassnode) November 9, 2021
According to experts, on-chain activity “is recovering very slowly,” still below the peak levels of the hype and euphoria periods in 2017 and Q1 2021.
“This strongly suggests that the market is likely still in a phase of moderate accumulation, characterised by low activity, large outflows from exchanges and modest strategic spending by seasoned investors”
The second-largest cryptocurrency by market capitalization also posted a new all-time high — its price exceeded $4,800. Over the past 24 hours Ethereum rose 1.4%, according to CoinGecko.
As of writing, the asset was trading near $4,808. Its market capitalisation stood at $569.96 billion.
Ethereum’s price is rising amid a decline in supply due to burning a portion of transaction fees. According to data from Watch the Burn, in the last seven days the network burned 85,894 ETH (~$413.29 million) — more than 91% of all ETH issued during that period (93,687 ETH). Net issuance amounted to only 7,800 ETH (~$37.57 million).
Earlier, Goldman Sachs projected Ethereum to reach $8,000 by the end of 2021.
The Stock-to-Flow Deflection metric continues to indicate that Bitcoin remains undervalued in line with the well-known Stock-to-Flow model by PlanB. This is noted in the October ForkLog analytical report.
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