On Thursday, August 20, the price of bitcoin (EXANTE: Bitcoin) continues slight decline below $12,000. At press time, the largest cryptocurrency by market cap is trading at $11,747.6 (-0.33%).
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has also fallen in price to $407.03 (-1.16%). XRP fell by -0.92% and now is trading at $0.290.
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The total cryptocurrency market capitalization is $366 billion.
The decrease of bitcoin's price comes after the volume of the cryptocurrency stored on exchanges approached the minimum level since November 24, 2018.
On Monday, August 17, the figure dropped to 2.61 million BTC, according to research firm Glassnode. In February, the balance of BTCs held on exchanges peaked in two years, exceeding 2.95 million BTC.
Since then, that number has dropped by almost 9%. Almost 98% of unspent outputs on the bitcoin network are in positive territory.
This means that only 2.4% of all BTC transfers were made at the moments when the price of the cryptocurrency was above the current levels.
Glassnode highlighted that the growth of this indicator above 95% historically occurs in 2-3 months after the significant increase in the price of BTC.
Meanwhile, focused on bitcoin mining company Riot Blockchain announced the purchase of 8,000 Bitmain S19 Pro Antminers (110 TH) for USD $17.7 million from Bitmain.
The purchase agreement has a defined delivery schedule of 2,000 S19 Pros per month starting in January 2021 and other shipments through April 2021 until the order is complete.
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