With Bitcoin supply diminishing over time and mining difficulty on the rise amid heightened demand, the asset is poised to skyrocket further in the coming months.
Bitcoin is really close to its ATH market price has just crossed $19,000. The coin is trading at around $19,201.39 after rallying over 1.2% in the past one hour. Apparently, the asset is less than 3% shy of its all-time high achieved during the 2018/2018 bull rally.
According to the data provided by CoinGecko, Bitcoin price is now up over 162% in the past years. The asset has performed significantly better than traditional stocks, whereby the Dow is up 6.58% in the past one year. On the other hand, Gold’s market price has been falling in the past few weeks and is trading around $1800 after shedding 1.77% in the past 24 hours.
Bitcoin has been in existence in less than two decades and has surpassed in value return on many assets that have been in existence for hundreds of years.
Speaking to media outlet CNBC last week, BlackRock chief investment officer Ricky Rieder said that Bitcoin could take gold’s place to a larger extent. According to Rieder, Bitcoin possesses more functionality than passing a bar around.
Chances of Bitcoin Price to Hit ATH and Situation in Crypto Market
With Bitcoin near its all-time high at a time when the coronavirus pandemic has put most economic sectors at standstill, analysts believe it is past the ‘tulip bubble’.
A new bull wave has awakened most altcoins that have been consolidating or in the downfall since 2018. Led by XRP, third by market capitalization, that rallied 38% yesterday and is now up another 35% today.
According to the data from Coinmarketcap, the total crypto market capitalization stands at $571,712,479,334, with the past 24-hour volume at $293,201,651,353. Notably, Bitcoin’s market dominance stands at approximately 62.4% with the rest shared amongst over 7000 digital assets. Data from analytics firm CoinGeek shows Bitcoin has a market capitalization of $356,241,048,046 with its past 24-hour trading volume at $40,964,307,457.
There are notable fundamentals that have attributed to Bitcoin spiking in recent months. On top of the list is increased adoption by institutional and retail investors. Whereby, Grayscale Investment recently reported that its Bitcoin portfolio has surpassed 500k units of BTC and the total assets under management over $10 billion.
Notably, Bitcoin whales have been accumulating more coins and the total number of whales has been reported to be on the rise.
“The amount of #Bitcoin whales with at least 10,000 coins (currently $185M or more) has ballooned to 114 the past couple days as prices soared above $18k. Additionally, the amount of holders with at least 1,000 $BTC ($18.5M) has hit an ATH of 2,449!” researchers from Santiment, an on-chain market analysis platform, stated.
With Bitcoin supply diminishing over time and mining difficulty on the rise amid heightened demand, the asset is poised to skyrocket further in the coming months.
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