- BTC has been steadily trading above $21K over the last few days.
- ETH is only up by 18% over the last week, while BTC is up 21+%.
- The overall supply of BTC on exchanges has dropped from 11.85% to 6.65%.
The crypto market leader, Bitcoin (BTC) has been steadily trading above $21K over the last few days, which is well above its November 2022 price of $20,283. BTC now trades hands at $21,294.32 This means that BTC has now recovered its losses since the dramatic collapse of FTX near the end of 2022.
Although the price BTC saw a drop of more than 22% after the FTX meltdown, data from the crypto market tracking website CoinMarketCap indicates that BTC saw a price increase of more than 21% over the last seven days.
These numbers indicate that not only did BTC recover from its losses after a grueling 2022, but the crypto king is outperforming most of the other top 10 biggest cryptos in the market at the moment.
While BTC is up by almost 22% over the last week, its biggest competitor, Ethereum (ETH) is only up by 18% over the same time period. Binance Coin (BNB) and Ripple (XRP) are only up about 8% and 7% respectively.
The Ethereum-killer Solana (SOL) is one of the only big cryptos outperforming BTC at the moment as the altcoin is up by more than 40% over the last seven days.
In related news, Santiment revealed in a recent Tweet that the overall supply of BTC on exchanges has dropped from 11.85% to 6.65% over the past year. This historic drop just highlights the fact that there is a rising interest in self-custody when it comes to BTC.
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