Connect with us
Switch
Advertisement
Polaris bank
Advertisement
Esetech
Advertisement
Payfarmer
Advertisement
Patricia
Advertisement
IZIKJON
Advertisement
Fidelity ads
Advertisement
first bank
Advertisement
Stallion ads
Advertisement
app

Cryptocurrency

Bitcoin jumps high, gains $1,600

Bitcoin has gained lost over $1,600 in value some hours ago after trading as high as $26,200 the previous day.

Published

on

MicroStrategy, Data obtained from thecrypto analytics firm says that, the number of Bitcoin addresses having at least 0.1 BTC has risen by 14% over the past one year, Did Satoshi Nakamoto cause the panic sell-off in Bitcoin market, Bitcoin hits $8,826, Pigs hit hard at BTC market, plunges 8%

The world’s most popular crypto, Bitcoin, has been seeing a lot of action lately, most especially in the last week of this year as the price rebounded strongly, touching near its previous all-time high (ATH) at $28,378 per coin.

Bitcoin gained over $1,600 in value some hours ago after trading as low as $26,200 yesterday.

Also, the cryptocurrency’s market capitalization recently surpassed a whopping half of a trillion U.S. dollars in value.

READ: Ethereum market value of $83.8 billion is now bigger than Nigerian Stock Exchange

What we know: At the time of writing this report, the flagship crypto traded at $27,809.91 with a daily trading volume of $47,986,546,322. The world’s most popular crypto is up 4.38% for the day. Bitcoin has a market value of about $516.8 billion.

Specta
  • It has a circulating supply of 18,585,037 BTC coins and a max supply of 21,000,000 BTC coins.

READ: $414 million worth of Bitcoin moved by a large entity

Sequel to the recent price action prevailing at the flagship crypto market, Bitcoin gained past $20,000 some days back for the first time as it notched record after record.

  • Crypto fans cheered it as an inflation hedge in an era of unprecedented amounts of quantitative easing triggered by many central banks globally.
  • Also, leading household names in finance that include Paul Tudor Jones and Stanley Druckenmiller endorsed it as an alternative asset, adding to the rally.
  • Not forgetting listed U.S brands like MicroStrategy Inc. and Square Inc. that moved their cash reserves into crypto in search of better returns than what near-zero interest rates deliver.

READ: XRP in deep crisis, drops 21%

Also, a leading crypto expert, Willy Woo, via his Twitter handle, hinted that Bitcoin’s price could still rally higher on the bias that the, “inventory depletion on spot crypto exchanges has stopped, signifying the re-accumulation phase of this macrocycle is likely to complete. If this cycle mimics the last, inventory on exchanges will increase here on in as retail starts entering in large numbers, attracted by the price rises.”

Coronation ads

READ: Bitcoin’s transaction fees Jump by 344%

READ: Nigerian stocks ranked world’s best-performing stock market

In addition, Jesse Cohen, a senior crypto analyst, in a note to Nairametrics, spoke on the outlook for Bitcoin in 2021.

Coronation ads

“I expect Bitcoin to remain highly volatile to the downside in the new year, given the potential for more scrutiny and tighter regulation. That should see prices fall back from their record highs, with the prospect of increased regulation being the most important factor affecting Bitcoin in 2021.”

Stanbic IBTC

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina or email [email protected] He is a Member of the Chartered Financial Analyst Society.

1 Comment

1 Comment

  1. Esther

    December 30, 2020 at 10:21 am

    Good morning sir
    Please I want to know more about this platform
    I am interested

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Cryptocurrency

Why Bitcoin could triple in value annually

Michael Saylor recently disclosed why he believes the flagship crypto-asset could triple in value

Published

on

Bitcoin

The leader of the biggest traded business intelligence firm, Michael Saylor recently disclosed why he believes the flagship crypto-asset, Bitcoin, could triple in value yearly.

In a Stansberry Research interview, Saylor explained Bitcoin is monetary energy that will attract lots of money;

“In a monetary expansion environment where I crank the monetary inflation rate up by 15%, that $300 trillion has got to find a store of value that’s not a fiat derivative.

READ: 94% of Bitcoin investors are making money

“That means that Bitcoin is going to keep growing and its monetary force is going to keep growing and it’s probably going to grow 200% a year until it has demonetized gold, silver, sovereign debt, bond indexes, stock indexes, every source of monetary energy which is just a store of value for someone that doesn’t want to lose their purchasing power and needs a scarce asset, ” Saylor said.

Specta

Another key macro supporting the bullish bias of Micheal Saylor is data showing the number of addresses holding 1,000 BTC just reached a new all-time high of 2,446.

Over the last 21 days, 141 new whale addresses with over 1k BTC were created, suggesting large entities are expecting a significant price rise for Bitcoin in the near future.

READ: 100 Crypto wallets have at least 10,000 Bitcoins

Coronation ads

READ: CBN retains MPR at 11.5%, holds other parameters constant

Some days ago, MicroStrategy purchased approximately 314 bitcoins for $10.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $31,808 per bitcoin, showing they hold approximately 70,784 Bitcoin, and thereby making the flagship crypto-asset scarce.

Coronation ads
Continue Reading

Cryptocurrency

Crypto entity moves $227 million worth of Bitcoin

a large entity transferred 6,925 BTC worth $226,609,828, from Unknown wallet to Unknown wallet.

Published

on

Crypto millionaire carts away with $224 million worth of Bitcoin, Whales transfer Bitcoins at an alarming rate, BTC whale moves 10,250 BTC valued at $95,000,000

Large entities in the Bitcoin market are transferring a significant amount of Bitcoin amid the prevailing market volatility in play.

Data retrieved from Whale Alert, an advanced crypto tracker, revealed a large entity transferred 6,925 BTC worth $226,609,828, from an unknown wallet to another unknown wallet.

READ: 273,000 Bitcoins taken away from crypto market within a month

  • At the Bitcoin market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whale.
  • This means that a BTC whale would be an individual or business entity (with a single Bitcoin address), that owns around 1000 coins or more.
  • As BTC whales accumulate BTCs, Bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.

READ: 230 million XRP worth over $117 million moved by powerful investors

Specta

Meaning that over time, it’s possible that as BTC approaches its fixed supply of 21 million – the price of BTC will go up, with BTC’s present demand factored in.

  • leading household names in finance that include Paul Tudor Jones and Stanley Druckenmiller endorsed it as an alternative asset, adding to the rally.
  • Not forgetting listed U.S brands like MicroStrategy Inc. and Square Inc. that moved their cash reserves into crypto in search of better returns than what near-zero interest rates deliver.

READ: Crypto: LEND gains more than 4000% in one year, set to rally higher  

Also, a leading crypto expert, Willy Woo, via his Twitter handle, hinted that Bitcoin’s price could still rally higher on the bias that the “Inventory depletion on spot crypto exchanges has stopped, signifying the re-accumulation phase of this macrocycle is likely to complete. If this cycle mimics the last, inventory on exchanges will increase, as retail starts entering in large numbers, attracted by the price rises.”

Coronation ads
Continue Reading

Cryptocurrency

94% of Bitcoin investors are making money

Microstrategy bought 314 more Bitcoin valued at $10 million, momentarily pushing prices above $32,000.

Published

on

94% of Bitcoin investors are making money, Bitcoin, Bitcoin running out of steam

Bitcoin investors have reasons to be excited amid a significant amount of volatility prevailing at the flagship crypto market.

The number of Bitcoin holders in profit is about 94% as data retrieved from Glassnode, a crypto analytic firm, showed.

Bitcoin Percent Addresses in Profit (1w MA) just reached a 1-month low of 93.851%.

READ: Bitcoin posts biggest daily drop since market crash of March 2020

Specta

READ: Ex-Real Madrid Striker, David Barral becomes first-ever footballer to be bought with Bitcoin

Metric description; The percentage 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.

At the time of drafting this report, Bitcoin traded at$32,640.90 with a daily trading volume of $63.8 billion. Bitcoin is up 5.03% for the day.

What this means: Sequel to such metric stated above, the turnaround for investors in profit occurred some hours ago when Bitcoin dropped to $28,950 — a key level when it comes to support from large pocket investors and only its second dip below $30,000 in 2021, as a leading bitcoin investor, Microstrategy bought 314 more Bitcoin valued at $10 million, momentarily pushing prices above $32,000.

Coronation ads

READ: 4 cryptos gain over 400% in a month, far outperforming Bitcoin

READ: Computers might steal Satoshi Nakamoto’s Bitcoin fortune

Chainalysis researchers explained in detail that as the rush for BTCs keeps increasing, the price will most definitely be affected. The report said:

Coronation ads

“With more people looking to trade BTCs, which is only becoming scarcer following the recent halving, bitcoin moving from the investment bucket into the trading bucket could become a crucial source of liquidity.”

Stanbic IBTC

Consequently, amid the impressive metric showing a lot of Bitcoin wallets in profits, Jesse Cohen, a senior crypto analyst, in a note to Nairametrics, spoke on the outlook for Bitcoin in 2021.

“I expect Bitcoin to remain highly volatile to the downside in the new year, given the potential for more scrutiny and tighter regulation. That should see prices fall back from their record highs, with the prospect of increased regulation being the most important factor affecting Bitcoin in 2021.”

Jaiz bank ads

Continue Reading
Advertisement




Advertisement