For the first time in 3 years, Bitcoin has crossed the $19, 000 mark after breaking the $17, 000 and $18, 000 within the same week.
According to analysts, bitcoin is already within sight of its all-time high of $20, 089 which was reached on December 17, 2017.
Below are some stats about bitcoin so far:
- The Bitcoin market capitalization hit an all-time high of $329 billion overtaking payments giant, MasterCard, to sit at the 16th spot among the world’s top assets
- So far, all newly-issued bitcoins are now being bought off by just two companies – PayPal and Cash App – with a deficit, resulting in a price rise as this demand grows by the day
- The current bull run is also largely being driven, not by frenzy, but by the big finance and tech institutions such as MicroStrategy, Square, and of course PayPal as they push crypto mainstream
- Whale clusters within each support level point to strong momentum and sustainable accumulation
- Bitcoin whales with at least 10, 000 coins have increased as prices soar above $18K
- Bitcoin holders with at least 1, 000 BTC has hit an all-time high as well
- A decline in bitcoin reserves on exchanges points to a lack of enough supply
- The spot market is leading the rally and thus reduces the risk of cascading liquidations, making the rally more sustainable
As a growing number of institutional investors enter the bitcoin market, led by PayPal and GrayScale, it is becoming more apparent to these traditionally WallStreet natives that bitcoin’s value as a hedge against macro-economics grows by the day.
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