Cryptocurrency market today, September 8: Bitcoin surpasses $111,000, record supply shortage

(NLDO)- Of the total 19.9 million Bitcoins circulating on the market, about 72% are in the 'illiquid' group.

On the morning of September 7, according to data from OKX at 9:30 a.m., the cryptocurrency market recorded a recovery after a week of gloomy trading.

In the past 24 hours, Bitcoin (BTC) price increased by more than 3%, reaching above $111,200. Other cryptocurrencies also increased: Ethereum (ETH) increased by 0.3%, XRP and BNB both increased by more than 2%, and Solana (SOL) increased by 2.5%.

Bitcoin price is trading above $111,200 Source: OKX

According to CoinDesk citing data from Glassnode, the amount of “illiquid” Bitcoin – that is, coins in cold storage wallets or held by long-term investors, hardly traded – hit a record 14.3 million units at the end of August. This figure accounts for about 72% of the total 19.9 million Bitcoin in circulation.

This reflects a continued accumulation trend, despite price volatility. Bitcoin reached a historic peak of $124,000 in mid-August before losing about 15%. However, within just one month, about 20,000 BTC were added to the “illiquid” group, indicating a steadfast holding mentality.

Analysts say the tightening supply could fuel a new bull run as market sentiment improves. In the short term, this also strengthens Bitcoin’s position as a safe and long-term store of value.

Source: https://nld.com.vn/thi-truong-tien-so-hom-nay-8-9-bitcoin-vuot-111000-usd-nguon-cung-khan-hiem-ky-luc-196250908100754287.htm