The odds are playing strongly in favor of the world’s most popular crypto, Bitcoin, at least in the last decade.
- 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 $22,700 – representing a surge of over 37,833,333% in a span of 10 years.
- In addition, 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 240% respectively over the same stretch.
- At the time of writing, the most profitable financial asset traded at $22,742.43 with a daily trading volume of $48,599,481,382.
- However, Bitcoin is down 4.33% for the day. The current market value stands at $422 Billion.
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.
Bitcoin has established a robust support level at $22,000. It should also be noted in the past few years, that Bitcoin holders are refusing to sell and instead use it for wealth preservation.
Will Bitcoin still go up?
- It’s critical to note that BTC has a circulating supply of 19 million coins and a max supply of 21 million coins, meaning there are just about 2 million left to be mined.
- Taking into account that about 4 million Bitcoins have been lost forever as a result of BTCs owners dying, and their next of kin not having access to such cryptos; it is fair to say there are only about 15 million BTC presently in circulation to cater for over 7 billion people fighting to have a stake in Bitcoins. This means that as BTC becomes scarce and more popular, it becomes a matter of time for the crypto asset valuation to hit the roof.
What this means
Nairametrics, some months back, revealed 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.
Bitcoin ETF in North America has reached $1 billion in assets
The first North American Bitcoin ETF has already reached $1 billion (C$1.25 billion) in assets less than two months after its launch.
According to a statement from its issuer, the first North American Bitcoin ETF has already reached $1 billion (C$1.25 billion) in assets less than two months after its launch. What exchange-traded funds did to the conventional investing market for decades could happen to cryptocurrency players in a fraction of the time.
Investors are clamoring for crypto exposure, particularly in an exchange-traded fund wrapper, and the product from Toronto-based Purpose Investments, ticker BTCC, has seen a lot of interest. Although there are many crypto funds in Europe that work similarly to ETFs, this is the first ETF anywhere.
More than $165 million worth of shares were traded on the fund’s first trading day in February, a big start for a fund in the much smaller Canadian ETF market.
Its rapid cash accumulation reflects the high demand for Bitcoin products in the United States, as issuers compete for approval of the first Bitcoin ETF in the nation. Despite regulator resistance to accept the tactics, at least eight companies, including VanEck Associates Corp. and WisdomTree Investments, now have live applications with the Securities and Exchange Commission.
On Tuesday, Bitcoin surged to an all-time high of about $63,246 ahead of Coinbase Global Inc.’s upcoming IPO later this week.
There is an increasing expectation that a bitcoin ETF will be available in the United States in the not-too-distant future. Gary Gensler, the nominated chairman of the Securities and Exchange Commission, has taught cryptocurrency classes. The bitcoin market has exploded in popularity in recent months, attracting the attention of major financial institutions. Bitcoin ETFs are once again being sought by VanEck, Fidelity, and others.
One advantage of ETFs is that shares can be readily created and redeemed to arbitrage away any discount or premium, which could greatly broaden their appeal. ETFs are also cheaper, which will put pressure on fees across the bitcoin ecosystem. Hence market sentiment may push the ETF higher.
Bitcoin is on fire, breaks above all-time high
The flagship crypto traded at $62,645.26 with a daily trading volume of about $60 billion.
Bitcoin prices ascended to a record high on Tuesday, hitting another milestone at above $62,000, a move that many reaffirm to be a bullish trend in the cryptoverse and one that can make other digital assets surge.
At the time of writing this report, the flagship crypto traded at $62,645.26 with a daily trading volume of about $60 billion. Bitcoin is up 2.99% for the day. The world’s most popular crypto now has a market value of about $1.17 trillion.
Adding credence to the strong bullish run in play is data retrieved from Glassnode pointing to the fact that holders of the flagship crypto are selling less, as Bitcoin deposits on exchanges hit a 30-day low.
BTC Number of Exchange Deposits (7d MA) just reached a 1-month low of 2,837.702.
— glassnode alerts (@glassnodealerts) April 13, 2021
More details later…
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