The world’s most popular crypto, bitcoin is grabbing the headline once again amid buying pressure seen lately after it dipped as low as $16,400.
What we know: At the time of writing, the flagship crypto traded at $18,520.10 with a 24-hour trading volume of $24.6 Billion. BTC price is up 3.9% in the last 24 hours. It has a circulating supply of 19 million coins and a max supply of 21 million coins.
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What this means; 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 $4,000. Since then, investors have been steadily accumulating BTC.
- Nairametrics believes the increased buying pressures by notable institutional brands is partly responsible for the non-dilutable crypto recent highs
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Some weeks back, Square Inc. led by Twitter’s Jack Dorsey on October 8th, disclosed that it purchased 4,709 bitcoins at an estimated worth of $50 million.
Square added that it invested in cryptos because it saw it as a tool for economic enhancement via participation in the future of payment systems, which aligns with Square’s objectives.
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The investment represents approximately one percent of Square’s total assets as of the end of the second quarter of 2020.
“We believe that bitcoin has the potential to be a more ubiquitous currency in the future,” said Square’s Chief Financial Officer, Amrita Ahuja.
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Some weeks back, MicroStrategy, a publicly-traded company based in America, adopted Bitcoin as a treasury reserve asset to hedge against fiat inflation. This is a big deal, as BTC is being used as intended – a hard money/savings instrument.
With so much demand, especially from institutional investors like Grayscale and Microstrategy, it might just be a matter of time for the world’s flagship crypto to jump the bullish wagon in the long term.
READ: Ethereum yearly gains up by 279%, nears $600
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