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Cryptocurrency

Most profitable asset in a decade, Bitcoin up over 26,600,000%

Bitcoin, from $0.06 in September 2010 exploded to its current price of around $13,000, representing a surge of over 26,600,000%.

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cryptocurrency, Bitcoin on steroids, rages higher

The odds are now playing strongly in favor of the world’s most popular crypto – Bitcoin.

Data retrieved from a well-known crypto custodian firm Blockchain showed how Bitcoin from $0.06 in September 2010 exploded to its current price of around $13,000 – representing a surge of over 26,600,000% in a span of 10 years.

READ: Pigs on a rampage as Bitcoin prices drop over 10%

READ: Bulls on rampage, Ethereum wallets now record high

Meanwhile, the same couldn’t be said about its closest performing rivals, which included the Yellow metal and the S&P 500, which climbed 103% and 233% respectively over the same stretch.

Why this matters

The flagship crypto seems to run hot on many prevailing macros, not forgetting that the general economic law states that when demand is high and supply is limited, prices of such products will usually go up.

READ: Chainlink breaks into top 10 most valuable cryptocurrency in the world

  • Bitcoin has established a robust support level at $13,000,
  • It should also be noted in the past few years, that Bitcoin holders are refusing to sell and instead use it for wealth preservation.
  • Also, another strong sign giving crypto traders bullish bias include Bitcoin’s  Active Supply 3y-5y (1d MA) just reaching a 23-month high of 1,840,755.050 BTC, as seen from Glassnode – a popular analytic firm

A previous 23-month high of 1,840,745.362 BTC was observed earlier today.

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READ: Apple claims GEEP Canada stole over 100,000 of its devices

READ: Fate of $2.3 billion worth of Bitcoins in Limbo

What this means

Nairametrics earlier broke the news on how the world’s flagship crypto continues to gain traction at the speed of light. The renowned financial data media company, Bloomberg Intelligence, gave critical insights on why bitcoin, in just about five years’ time, could hit a valuation of $100,000.

READ: There are now 13,173 BTC millionaires around the world

READ: China’s economy bounces back from COVID-19 slump, with a growth of 4.9% in Q3 2020

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“Bitcoin’s foundation is firming for further price advances if its history is a guide. Since initially reaching $10,000 in 2017, the benchmark crypto corrected about 70% and remains in an extended period of consolidation around that level,” the report said.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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    Cryptocurrency

    XRP surges by 150% in 7 days as Ripple posts early victories against SEC

    This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

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    XRP, Ripple's co-founder earned $411 million from selling XRP in 2020

    Amid the strong bullish rally at play in the cryptoverse, Ripple’s XRP looks to be leading the way with a push as it almost triples in value following a series of legal victories and social media rumours of relisting at some crypto exchanges like Coinbase.

    This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

    At the time of writing this report, XRP traded at $1.47 with a daily trading volume of $29.3 billion. XRP is up 147% for the week with a current market value of about $67 billion.

    The surge in this crypto asset is coming amid a lawsuit from the SEC which accused XRP’s $1.3 billion initial coin offering of being an “unregistered securities offering.” The allegation led most American crypto multiple exchanges to delist the crypto and XRP lost its place as the 3rd largest crypto by market value.

    That being said, crypto traders appear to be backing the crypto asset amid credible reports suggesting that Ripple lawyers have posted two victories in their legal tussle against the powerful American regulator, including gaining access to internal Securities Exchange Commission discussion history regarding crypto assets.

    What this means

    Such access by Ripple’s lawyers to these records would offer them insights into why the Securities Exchange Commission has not deemed Bitcoin and Ethereum a security asset.

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    Cryptocurrency

    Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500

    The global crypto market value at press time stood at $2.05 trillion, a 3.85% increase over the last day.

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    The flagship crypto is recording a significant buying spree as Bitcoin bounced above the $60,500 price level once again.

    The global crypto market value at press time stood at $2.05 trillion, a 3.85% increase over the last day, with Bitcoin having a market value of $1.123 trillion and a circulating supply of 18,678,481 BTCs

    Bitcoin’s price is currently $60,638.55.

    READ: Bitcoin miners are consistently earning $50 million daily

    Bitcoin’s dominance is currently 55.36%, an increase of 0.21% over the day.

    Investors are moving their funds to Bitcoin after an avalanche of COVID-19 stimulus shocked the crypto market since last year amid fears of rising fiat inflated currencies coupled with leading business brands adding more buying pressures on Bitcoin with BNY Mellon, America’s oldest bank giving its approval on the new digital gold as it makes a debut into mainstream investment assets.

    Consequently, MicroStrategy now has 91,579 BTCs worth about $5.54 billion while Tesla holds 32,608 BTCs, hinting that more global business brands may take such route to hold the most popular crypto as a treasury tool amid concerns that just 21 million BTCs will ever exist with about 4 million BTCs already lost forever.

    READ: Less than 4 million Bitcoins available for buying

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    Recent price action suggests that bitcoin bulls are holding on tight as they built strong support around the $58K area.

    READ: XRP posts a big bang, as legal tussle with SEC lingers

    That being said, crypto pundits argue that bitcoin still faces strong headwinds in the coming months amid growing regulatory concerns. There is also the bias that its high volatility is making it challenging for some traditional investors to come on board and its massive electrical consumption via the blockchain has also put it at odds with many environmentalists.

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