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On February 12, the price of Bitcoin (BTC) hit a new all-time high at $ 48,985 before falling back to the $ 46,000 level.
A quick glance at the 4-hour chart shows the top-ranked cryptocurrency trading in what appears to be a brief phase of consolidation, but BTC is still maintaining its bullish momentum through a pattern of higher ups and downs. high.
If BTC can maintain its current pace and structure, a breakthrough to the $ 50,000 level could possibly occur before the weekend is over.
A report released by analysts at Decentrader shows that as Bitcoin’s cash supply decreases, demand for the leading cryptocurrency increases, as the number of BTCs that have not been transferred to the chain for a period of time. prolonged also increases.
As can be seen from the graph above, BTC currently has a liquid supply of around four million coins and this figure has been declining steadily since June 2020, with whales and institutional investors increasing their exposure to this class. of emerging assets.
Further evidence of the growth of big players can be found by watching the surge in wallets containing over 1000 BTC.
As the number of large wallets increases, the number of small wallets has remained stable or decreased, indicating that “the bigger players get the bitcoin back from the smaller players.”
PayPal dives deeper into cryptocurrency
Further bullish news for the cryptocurrency industry arose when PayPal announced plans to expand its crypto services to residents of the UK.
This is the first time that users outside of the United States will be able to purchase crypto through the platform which is expected to be available on the PayPal and Venmo apps by the end of Q2 2021.
In an effort to keep up with the likes of PayPal and the Cash app, Apple Pay has unveiled a new partnership with BitPay that will allow Apple Wallet users to use their BitPay card to make purchases.
It has also emerged that Grayscale Investments may soon bring a new level of exposure to decentralized finance, as a new company registration in the state of Delaware shows the asset manager is considering Yearn Finance as a potential future offering.
Choppy trading sets the tone in traditional markets
Traditional markets faced early pressure on Friday after the February 11 announcement that federal regulators launched polls in Robinhood and Reddit to look for signs of market manipulation linked to recent wild moves seen in stocks such as GameStop and AMC.
After resisting early in the recession, all three major indices managed to climb and end the day on a positive note, with the S&P 500 and NASDAQ closing the session at record highs, up 0.47% and 0 , 50% respectively. The Dow Jones also managed to achieve a positive gain of 0.09%.
The broader cryptocurrency market continued its bullish rise as several projects recorded double-digit gains and new all-time highs.
Ether (ETH) ventured deeper into uncharted territory on Friday setting and setting a new all-time high at $ 1,863, while Polkadot (DOT) was the top-performing coin in the top 10, recording a 21% increase overnight for a new high at 29.52.
Other notable performances include the Algorand Pure Proof-of-Stake (ALGO) protocol, which rose 38% to a 2021 high of $ 1.84, and Tezos (XTZ), which saw its price increase by 23%. % for a new record high of $ 5.41.
The overall cryptocurrency market cap is now $ 1.48 trillion and Bitcoin’s dominance rate is 60.4%.
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