The flagship crypto, Bitcoin lost about $900 after hitting $24,084 at yesterday’s trading session.
What you must know: Bitcoin is still rallying high relatively amid the present price correction seen on the bias it set a new record high as the leading crypto asset ongoing bullish rally continues through the weekend before Christmas.
READ: Bitcoin’s market value can reach $600 billion – JP Morgan Chase
- The price of the world’s most popular cryptocurrency continued its recent torrid run. At the time of writing this report, Bitcoin price traded at $23,170.24 with a daily trading volume of $40 billion. Bitcoin is down 0.03% for the day.
- Still, with prevailing market conditions, Bitcoin’s year-to-date percentage gains have grown to over 220%.
Meanwhile, the number of Bitcoin owners in profit hit a record high, as data from Glassnode revealed the number of Bitcoin Addresses in Profit (1d MA) just reached an all-time high of 33,080,146.
READ: Crypto: Alpha Finance gains 400% in 10 days, supported by a big bank
- The previous all-time high of 33,062,020.542 was observed on 17 December 2020.
- Metric Description; The number of unique addresses whose funds have an average buy price that is lower than the current price. “Buy price” is here defined as the price at the time coins were transferred into an address.
? #Bitcoin $BTC Addresses in Profit (1d MA) just reached an ATH of 33,080,146
Previous ATH of 33,062,020.542 was observed on 17 December 2020
View metric:https://t.co/xFJVXsDe7d pic.twitter.com/prh1olM0x8
— glassnode alerts (@glassnodealerts) December 19, 2020
READ: 50% of top 500 companies will hold Bitcoin by 2021
Why Bitcoin’s bullish run is still in play?
Bitcoin has a significant first-mover advantage, not only because it’s the first crypto as we know it, but because it was the first one with a gold-like store of value properties.
- As such, it enjoys tremendous network effects (not dissimilar to those experienced by social networks like Facebook and Twitter), due to its vibrant community of users, developers, miners, exchanges, custodians, etc.
- Nothing demonstrates this better than the fact that Bitcoin is an open-source project that can be copied or forked by anyone in the world at any moment.
- And yet despite being forked many times over the years, it remains the dominant crypto (store of value or otherwise) both in terms of market capitalization and liquidity.
