- Bitcoin reached $96K as fewer coins are available and more buyers enter.
- 172,705 BTC were bought in February, the highest since the FTX crash.
- Increasing demand versus dwindling supply pushes Bitcoin’s price higher.
As lesser coins become available and buyers enter the picture, Bitcoin has crossed $96,000.” On the demand side, since February 23, when a staggering 172,705 BTC were bought, significant demand for Bitcoin has emerged. Since the days following the FTX crash, the situation has been highly altered. The rise in demand against the backdrop of fading supply strengthens the coin in the marketplace, presently pushing its price above $96,000. These dynamics suggest that the market is gathering strength for the next aggressive move.
Impact of Decreasing Coins Available on Price
The supply dynamics, represented in the chart, were in stark contrast to the price movements on the Bitcoin trading platform. The graph shows that while Bitcoin’s price surged, the introduction of coins to the market fell. The supply of BTC surged after the FTX crash when its price bottomed. The since the beginning of February, 2023, the newly mined BTC in the market has been drastically lower. In that case, only a limited number of coins got even introduced to circulation. A classic case in limited supply arising from rising demand, which supports Bitcoin price hikes that move from $20,000 to over $96,000 in a very brief period.
With fewer coins available in the market, intensified competition among buyers has caused upward pressure on Bitcoin’s price. The biggest purchases of Bitcoin were registered after the FTX issue, and this has bolstered a sense of confidence in the hearts and minds of investors. A basic observation is that with the acquisitions at a peak, the coins have limited supply, thereby giving demand itself the ability to propel the market even higher and set the scene for a further rally. The trends suggest that the market will likely remain strong here.
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