Bitcoin Surges Towards $100K, and This Time Even the Dentists are Excited

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Key points (or, as Zaphod would say, “Highlights From the Circus”):

  • Bitcoin’s realized cap has not only broken records, it’s also eyeing that awkward $900 billion milestone in the same way Arthur Dent watches Vogon poetry—unwillingly, yet unable to look away.

  • Some analysts, probably with improbability drives for brains, claim the market is assembling the cosmic Ikea furniture for a “potentially significant price breakout.” Screwdriver not included.

  • Profit-taking is doing its best to crash the party, but so far the bull market seems to be brushing it off like toothpaste on a Vogon’s shirt. 🚀

Bitcoin (BTC), that slightly neurotic digital coin, is back at it again, testing the limits of mathematical imagination. BTC price is casting hopeful glances at the mythical realm of six figures as though it could simply ask Marvin the Paranoid Android for directions.

The rather nerdy minds at CryptoQuant have dusted off their calculators and confirmed that Bitcoin’s “realized cap” has achieved more highs than Ford Prefect on a Thursday.

Bitcoin realized cap: Now with 42% more “conviction”

In a universe where all things are measured in US dollars (and occasionally in hot dogs at baseball games), Bitcoin is diving into record-shattering territory. All it takes to calculate the “realized cap” is following all the coins as they change digital hands, which sounds more complicated than piloting a spaceship into hyperspace during tea time.

Since mid-April, the realized cap has climbed steadily, gently elbowing lesser cryptocurrencies out of the way, sitting pretty at $891 billion. 📈

According to CryptoQuant’s Carmelo Alemán, investors are reengaging with the sort of enthusiasm usually reserved for pan-galactic gargle blasters or, failing that, NFT launch parties.

He argues this uptrend isn’t just investors showing up for the free snacks. No, it’s the stirring of long-term “conviction”—a feeling so rare in the crypto world that spotting it is like finding Vogon poetry actually being enjoyable.

As he concludes (with all the fanfare of a Vogon committee):

“With both the long-term hodlers (LTHs, presumably watching whale documentaries) and the short-term hopers (STHs, frantically refreshing price apps), the market is laying down the solid groundwork for a breakout. If things go on like this, hang on—this bull cycle might actually have a sequel.”

BTC Capital Influx: Now Starring Since 2023

Meanwhile, as CryptoMoon (clearly named after something pulled from the Hitchhiker’s Guide travel section) gloomily reports, there’s skepticism shadowing this market upswing like Marvin lurking in a space station hallway.

Some think all this profit-taking will drag prices back down to Earth, or at least to the vicinity of Slough. Both the old hands (LTHs) and reckless newbies (STHs) have grabbed profits, with average daily takings hitting $1 billion. That’s enough to buy, let’s face it, a lot of towels.

Glassnode, a research firm that obsesses over blockchains like Arthur obsesses over tea, says buyers and sellers are surprisingly well-matched around the $100k mark. “The Week Onchain” newsletter probably dashed this off between existential crises:

“Profit-taking spiked to over $1B/day. This hints that, yes, the demand-side is flexing. Sellers are happily getting richer, buyers are handing over the dosh without hesitation—so naturally, the universe is still confusing.”

Glassnode’s been charting this fever-dream of “profit regimes” since before most of us remembered our crypto wallet passwords. The market’s been in a profit-chasing mood since October 2023, with capital inflows outmuscling outflows like a Vogon at a salad bar. Clearly a good sign, assuming you like your signs ambiguously optimistic.

If nothing else, at least all of this proves one universal truth: in crypto, the only constant is the baffling determination to keep going—and maybe, just maybe, a really good joke about towels.

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2025-05-08 14:08