Wednesday, December 2, 2020

Most Valuable Cryptocurrency Bitcoin hits 2-year High

Most Valuable Cryptocurrency Bitcoin hits 2-year High

Bitcoin owners are definitely smiling to the bank amid high buying pressure seen lately in the world’s flagship crypto market. The number of Bitcoin holders in profit is on a record high, according to data retrieved from Glassnode.

  1. Bitcoin $BTC Percent Addresses in Profit (1d MA) just reached a 2-year high of 98.079%.
  2. A previous 2-year high of 98.055% was observed earlier today.

This also shows that the number of Bitcoin $BTC Addresses in Loss (1d MA) just reached a 2-year low of 619,894.125. The previous 2-year low of 623,121.208 was also observed earlier today.

At 12:23AM, Bitcoin traded at $15,517.62 with a 24-hour trading volume of $30,751,814,626. BTC price is down -0.3% in the last 24 hours. It has a circulating supply of 19 million coins and a max supply of 21 million coins.

Chainalysis researchers explained in detail that as the rush for BTCs keeps increasing, the price will most definitely be affected. The report said:

“With more people looking to trade BTCs, which is only becoming scarcer following the recent halving, bitcoin moving from the investment bucket into the trading bucket could become a crucial source of liquidity.”

What this means

“Bitcoin’s foundation is firming for further price advances if its history is a guide. Since initially reaching $10,000 in 2017, the benchmark crypto corrected about 70% and remains in an extended period of consolidation around that level.”

Bitcoin Timeline from June 2020

Bitcoin, the world’s flagship currency and most valuable cryptocurrency by market capitalization, surpassed $10,000 level sometime in July. It reached as high as $10,200 before retreating lower. This was the first time BTC, in 7 weeks is crossing the strong resistance level of $10,000.

Related: Bitcoin IRA releases Guide for Ethereum Upgrade

The price level of $10,000 is vital for the world’s flagship currency because that was roughly the price level of Bitcoin before the worst pandemic known to humanity struck. The pandemic almost cut the price of Bitcoin in two for some weeks

In addition, BTC has been recovering from the plunge that occurred in early March. Thus surging pass $10,000 would mean that it’s made a full recovery.

Popular crypto trader Peter Brandt, meanwhile, expects the price of Bitcoin to hit a new record high and eventually make its way to $50,000.

Consequently, the other area of growth that occurred over the same period was addresses holding between 1-10 BTC. This bracket also continued to reach new all-time highs in Q2, 2020 which now stands at 667k addresses.

Growth has not been limited to smaller balance addresses. The number of addresses that hold more than 1k BTC has grown 3% since the end of April.

While it is possible that exchanges dispersing BTC supply across new wallets might affect this total wallet count, it might also be that an increase in the number of addresses holding >1k BTC balances is simply reflective of increased accumulation by whale investors.

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