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On Wednesday, November 18, 2020, the price of bitcoin rose to levels not seen since the all-time high for decentralized money three years ago in 2017. The market capitalization of the cryptocurrency currently hovers around $ 334 billion today. ‘hui. Likewise, the daily bitcoin issuance rate over the past three years makes the overall market valuation higher than it was when bitcoin hit $ 19,600 per coin.
Earlier this morning (EST), bitcoin (BTC) had passed the $ 18,000 unit price zone as the crypto asset climbed 54% in the past 30 days. In the past 90 days against the US Dollar, BTC has risen 53% and in the past 12 months against the USD, the cryptocurrency has risen 123% to date.
Three years ago, bitcoin hit an all-time high of $ 19,600 on Bitstamp, but due to three years of bitcoin issuance by miners, BTC’s market cap is higher today than it is. was on December 17, 2017. Today, bitcoin is arguably the best financial vehicle in the past decade, as it has overtaken stocks, stocks, commodities, and almost every asset under the sun.
Crypto is witnessing a watershed moment. For the first time, it is seen as a sustainable and fundamentally new asset class by the general public.#Bitcoin Leading the rally right now, with new money coming from funds that allocate a small percentage of their holdings to crypto.
– Emin Gün Sirer (@ el33th4xor) November 17, 2020
For example, 12 years ago in July 2010, a single BTC was trading for $ 0.08 per unit. This means that with BTC above the $ 18,000 handle (or just below), the crypto asset has grown over 22 million percent since 2010. If a person waited even five years later, in 2015, the price of BTC was trading between $ 200 and $ 300. by piece. An investment in bitcoin at this level (2015) would give an investor 7100% with BTC exchange rates in the range of $ 18k.
Data shows that at current price levels, anyone with a touch over 55 BTC has crossed into the millionaire zone. Statistics show that there are 664,900 unique addresses with between 1 and 10 BTC and 2.3 million unique addresses with 0.1 to 1 BTC each. Statistics from bitinfocharts.com also show that 25,810 unique addresses have a million dollars worth of bitcoin. Beyond those million dollar whales, 3,442 addresses also hold $ 10 million in BTC today.
Governments will start to blame #Bitcoin for hyperinflation as the price of their soft BTC currency continues to rise as their citizens try to escape the local economic fallout. Bitcoin will be banned in many countries over the next 12 months, but it will be too late …
– Vinny Lingham (@VinnyLingham) November 18, 2020
Meanwhile, as bitcoin (BTC) continues to grow in value, the inflation rate of crypto assets or the issuance rate continues to decline. Unlike Jerome Powell, the chairman of the Federal Reserve who noted that the US central bank would let inflation get hotter than usual, Satoshi’s system is predictable and mathematically secure.
In fact, most of the world’s central banks claim that financial institutions keep the inflation rate target around 2%, but there are a few lenient countries that benchmark rates as high as 4%. And even though central banks say 2% is the global benchmark, statistics from shadowstats.com reveal that the actual rate could reach 10%.
On February 24, 2020, just before the third BTC reward was halved, the decentralized currency inflation rate was hovering around 3.86%. Today, that metric is much lower and continues to decline as the current bitcoin (BTC) inflation rate is only 2.71% at the time of publication.
After BTC crossed the $ 18,000 zone, Etoro crypto asset analyst Simon Peters said “bitcoin will now target the all-time high of $ 20,000” in a note to investors.
“Three years later, there is a whole host of factors contributing to the current rise in prices, including a massive influx of investors from large-scale institutions such as listed investment trusts, pension plans and university endowments, which shows how far bitcoin has come, ”Peters wrote on Wednesday morning. “Datasets that analyze the health of bitcoin by examining data from blockchain, the technology that underlies cryptography, is also signaling strong signals that justify recent price hikes.”
The digital currency analyst added:
The $ 20,000 level is clearly the next target for bitcoin. Should we surpass that this year, which I believe is possible, then we are in uncharted territory as sentiment remains positive. Bitcoin’s maturity, evidenced by the diversity of its investors and the extensive and extensive data sets, means that we can say with some trepidation, “this time is different.”
With bitcoin (BTC) prices so high, this week, crypto proponents are wondering whether an “ altcoin season ” is coming or not. So far, with BTC dominance levels at 68.7%, that doesn’t appear to be the case, at least for now.
However, there are a few notable altcoins that are moving north in value, such as the second largest blockchain in terms of Ethereum market cap. The popular cryptocurrency analyst on Twitter called @intocryptoverse thinks that at some point ETH prices could exceed $ 10,000 per coin.
“If ETH continues in this way and is, in fact, a market cycle behind BTC, then we will peak at around 1000% above fair value in a few years,” the trader predicted on Twitter. “If that happens in 2023, for example, it could put a theoretical spike of just under $ 10,000 per ETH,” @intocryptoverse concluded.
What do you think of bitcoin breaking through $ 18k and the possibility of Ethereum hitting the $ 10k handle? Let us know what you think of this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, @intocryptoverse, Twitter, Bitcoin Wisdom,
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