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.
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
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.