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Cryptocurrency

Why buying Bitcoin now is not a bad idea

If you are still considering buying Bitcoins, now might actually be a good time to do so.

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Why buying Bitcoin now is not a bad idea, Nigeria is Africa's leader in Bitcoin transfers, transacts $8 million weekly, Nigeria is Africa's leader in Bitcoin transfers, transacts $8 million weekly

The world’s flagship crypto, bitcoin, is presently trading at around $10,602.28 with a daily trading volume of $15 billion; it has recorded gains of about 0.6% in the last 24 hours.

As investors and traders ponder if increasing their stakes on the world’s most popular crypto seems ideal now, in an ever-changing geopolitical world, Nairametrics decided to weigh in on some key fundamentals showing Bitcoin looks like a bargain.

READ: There are now 10,016 Bitcoin ATMs globally

It should be noted that BTC has a circulating supply of 19 million coins and a max supply of 21 million coins meaning there are about 2million left to be mined.

Taking into account that about 4 million Bitcoins have been lost forever as a result of BTCs owners dying, and their next of kin not having access to such cryptos, it is fair to say there are only about 15million BTC presently in circulation to cater for over 7 billion people fighting to have a stake in Bitcoins, meaning that as BTC becomes scarce and more popular it becomes a matter of time, that the crypto asset valuation will hit the roof.

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  • As the general economic law states when demand is high and supply is limited prices of such product will usually go up.
  • Bitcoin has established a robust support level at $10,000, defended on several occasions throughout September.

It should also be noted in the past few years Bitcoin holders are refusing to sell, and instead, use it for wealth preservation as recent data from Glassnode buttress such bias,

READ: Buying signal, Bitcoin whales with 1000 BTC or more continue to rise

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Percent of #Bitcoin supply that hasn’t moved in…

  • 1+ years: 63.3%  (11.7 million $BTC)
  • 2+ years: 44.5% (8.2 million $BTC)
  • 3+ years: 31.4% (5.8 million $BTC)

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Another strong fundamental increasing the odds on the world’s most popular crypto is it’s almost impossible to forge and has strong durability characteristics. Thanks to its ever-complex designed decentralized blockchain network, it will take you more than a supercomputer to make such an attempt, and also, you have to confuse all players in the blockchain network, in accepting such forged digital coin.

Also, bitcoin can’t be destroyed and is not in any way susceptible to these physical harms, the way like fiat currencies which can perish under fire, flooding, and adverse weather conditions.

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READ: Crypto: Large investors transfer over 700,000 Ethers

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Finally, it is important to note that as global financial regulators begin implementing their regulatory framework, supporting cryptos like Bitcoin, it becomes a matter of months for global commercial banks, and multinationals to increase their buying pressures on Bitcoin, the present price surely looks like a discount, when considering those variables.

Although notable institutions like Grayscale investments, Microstrategy have jumped early enough in catching a bite of BTCs and it seems to be paying them off big time now.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading and Financial Market Analysis. Member of the Chartered Financial Analyst Society. You can follow Olumide on Twitter @tokunboadesina or email [email protected]

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Cryptocurrency

Bitcoin Whale transfers $1.1 billion worth of crypto for $3.58

A Whale is said to have moved 88,857 BTC, worth roughly $1.15 billion for a fee of only 0.00027847 BTC.

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Big whales are definitely up to something, with the prevailing price seen at the world’s flagship crypto.

As Bitcoin’s price trades above $13,000, an unknown Bitcoin whale moved more than $1 billion worth of cryptos.

According to on-chain data Blockchain, the said whale moved 88,857 BTC — worth roughly $1.15 billion — for a fee of only 0.00027847 BTC, or $3.58 at the time of writing. The coins were confirmed in block 654,364 on Oct. 26.

What you should know

  • Bitcoin, at the time of this publication, traded at $13,085.43.
  • With a daily trading volume of $21.4 billion, BTC price is down -0.1% in the last 24 hours.
  • It has a circulating supply of 19 million coins and a max supply of 21 million coins.

That said, it’s critical to note these large entities are on record highs amid last week’s price ascension. Statistics obtained from BitcoinCharts revealed that Bitcoin whale addresses actually control a much higher 7,902,469 BTC, or 42% of the total supply.

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  • That brings an affirmative bias that these large entities’ movements are trajectory to price movements at unprecedented levels.
    This is an indication that more high-net-worth individuals are entering the space to invest in Bitcoin, in expectation of $BTC price appreciation.
  • Bitcoin accumulation has been on a constant upwards trend for months.
  • 2.6M $BTC (14% of supply) are currently held in accumulation addresses.

What this means

Nairametrics believes the increased buying pressures by notable institutional brands are partly responsible for the non-dilutable crypto recent highs. While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.

What this means from a macro level is that the increase in the number of these large entities can be considered bullish.

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Cryptocurrency

Large entity moves Bitcoins valued $244 million

BTC whale moved about 18,901 BTC estimated to be worth about $244million, some hours ago.

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3 BTC whales move 140 million worth of Bitcoins from Binance

As the price of the Bitcoin, the world’s flagship crypto breaches above $13,000 price levels, a growing amount of large entities in recent times have been increasing their transactional volume at the world’s most popular crypto.

Data obtained from Whales Alert, a crypto analytic tracker, revealed that an unknown BTC whale moved about 18,901 BTC estimated to be worth about $244 million, some hours ago.

READ: 5 major reasons it’s good to buy Bitcoin

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Meanwhile, at the time of writing, Bitcoin traded at $13,064.05 with a 24-hour trading volume of $18,700,010,754. BTC price is down -1.8% in the last 24 hours. It has a circulating supply of 19 million coins and a max supply of 21 million coins.

Explore Data on the Nairametrics Research Website

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What this means: From a macro level, the increase in the number of these large entities can be considered bullish.

  • At the time this report was drafted, Bitcoin was still trading around the $13,000 support levels, as investors have kept buying BTC at its support levels.
  • Nairametrics believes the increased buying pressures by notable institutional brands are partly responsible for the non-dilutable crypto recent highs while it is difficult to predict market movements. BTC whales have shown historically that they often determine the BTC trend.

READ: Two strange Bitcoin whales transfer $290 million worth of Crypto

Quick fact: At the BTC market, investors or traders who own large amounts of Bitcoins are typically known as Bitcoin whales.

  • This means that a BTC whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.
  • As BTC whales accumulate BTCs, bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.
  • This means that over time, it’s possible that as BTC approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.

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Cryptocurrency

Bulls on rampage, Ethereum wallets now record high

The number of Ethereum addresses (EOAs) holding at least 0.1 ETH just crossed the 10,261,111 million mark for the first time.

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Number of contract calls on Ethereum rises by 300%

Retail investors are rushing big time, over owning a stake in the world’s second most valuable crypto by market value. Its rise has not been surprising to many crypto experts in the crypto-verse, as the rise of DeFi Crypto partly helped Ethereum usage reach an all-time high coupled with the fact that it’s now trading over $400.

According to reports recently released by Glasscode, the number of Ethereum addresses (EOAs) holding at least 0.1 ETH just crossed the 10,261,111 million mark for the first time.

READ: FG liberalizes the Mining sector, grants 5 years tax concession to miners

“The increase in gas usage indicates a continuous growth in the use of Ethereum’s platform, as measured by the number of transactions, as well as demand for block space, as measured via gas per transaction,” said Wilson Withiam, research analyst at data provider Messari.

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READ: There are now 10,016 Bitcoin ATMs globally

Data from Coingecko at the time this report was written showed Ethereum traded at $408.30 with a daily trading volume of $11 billion. ETH price is down -1.6% in the last 24 hours. It has a circulating supply of 110 million coins and a max supply of ∞ coins.

Quick fact; Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party.

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READ: Buying sign: Number of Bitcoin Big players at record high

Ethereum is a decentralized system, fully independent, and is not under anybody’s authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing system around the world, which means it’s almost impossible for Ethereum to go offline.

Gas is the token that energizes Ethereum’s blockchain. It is the standard used to calculate the number of charges an individual needs to pay in order to make transactions on Ethereum’s blockchain.

READ: Ethereum whales move over $50 million of Ether to Uniswap

Like with many other crypto assets, speculating with Ethereum can be highly profitable and has had a good history of giving its investors huge returns. However, there are also many other options to make income from Ethereum. These options include Ethereum mining, Ethereum faucets, and Ethereum staking.

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