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Home Markets Cryptos

Bitcoin on steroids, demand high amid COVID-19

Olumide Adesina by Olumide Adesina
November 5, 2020
in Cryptos
Fate of $2.3 billion worth of Bitcoins in Limbo, Big mistake: Ripple's CTO sold his Bitcoin for $750, Best time to cash in on Bitcoin
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Bitcoin is on a blue flame scenario, as investors increase their buying pressure at an alarming rate, amid odds anticipating for more quantitive easing if Joe Biden gets inaugurated in January.

What you should know

  • Bitcoin, at the time this report was drafted, traded at $14,497.87 with a daily trading volume of $26,377,618,150.
  • BTC price is up 6.3% in the last 24 hours. It has a circulating supply of 19 Million coins and a max supply of 21 Million coins.

READ: A wealthy investor moves $838 million worth of Bitcoins

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READ: Gold prices up, Joe Biden in striking distance to clinch U.S Presidency

Tyler Winklevoss the Co-founder of Gemini exchange, elaborated on the bullish sign in the flagship crypto market, on the bias that Bitcoin breached $14,000 again and continues to show that it is the only clear winner.

More bullish signs

Meanwhile, Bitcoin miners are presently having more funds at their bank account on data that recently revealed Bitcoin $BTC Miner Revenue (1d MA) just reached a 5-month high of $716,165.65.

READ: How investors make money from Bitcoin without owning crypto

READ: Rich investors are moving cryptos at an alarming rate

The previous 5-month high of $709,664.74 was observed on 04 November 2020. That said,

  • It is important to observe that long-time Bitcoin holders are increasingly holding BTC for longer periods, leading to some scarcity; thereby, pushing prices as retail traders rush to own a stake in the most demanded crypto amid the COVID-19 era.
  • HODLing activity by global investors has surged since March, when the price of BTC briefly dropped below $4,o00. Since then, investors have been steadily accumulating BTC.

Follow us for Breaking News and Market Intelligence.
Tags: BitcoinBitcoin MinersBTCcrypto
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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