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.