Bitcoin Sees More Upside Above $100K Led by Long-Term Dominance: CryptoQuant

Key Takeaways

Bitcoin surpassed $100,000 as long-term holders control 74% of the supply.
Bitcoin's market dominance reaches 57%, confirming its status as the largest crypto asset.

Bitcoin broke the $100K Milestone for the first time early Thursday, entering a new phase of price discovery.

While Bitcoin price movements may move in both directions, analyst CryptoQuant recommending that long-term holders could be the main driver of upward movement.

According to certified CryptoQuant analyst Crazzyblockk, long-term holders (LTHs) account for more than 14.5 million BTC, while short-term holders (STHs) hold nearly 5 million BTC.

This dynamic reflects the important role of LTHs, who control 74% of the Bitcoin supply, indicating stable confidence in the market and reduced selling pressure.

Historically, bull market peaks have seen short-term holder participation exceed 80%, driven by speculative demand.

In contrast, the current cycle shows only 52% of the realized cap held by STHs, suggesting that there is room for further growth as speculative sales remain limited.

The $100K milestone follows key developments, including the hiring of a former SEC commissioner Paul Atkins as chairman and comments by Federal Reserve Chairman Jerome Powell compare Bitcoin to gold.

These events have renewed Bitcoin's status as a hard asset and attracted new interest in the market.

Bitcoin's dominance has also increased to 57% after breaking $100K, and market capitalization has exceeded $2 trillion.

This milestone cements Bitcoin's position as the seventh most valuable asset globally, surpassing Saudi Aramco and silver in total valuation.