The odds in favor of Bitcoin breaking above $100,000 are fast gaining ground, taking to account that rich investors in recent weeks have increased their pace in moving Bitcoin.
These are triggered by the rush which include crypto traders and investors trying to have a stake in this fast-rising crypto asset.
Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that someone moved 14,834 BTC $853 million in block 671,619
READ: Motley Fool reveals plan to buy $5 million worth of Bitcoin
Whale alert! ? Someone moved 14,834 BTC ($853M) in block 671,619 https://t.co/RhwWJ2MkvS
— Bitcoin Block Bot (@BtcBlockBot) February 21, 2021
Such strong demand on the world’s flagship crypto asset by large entities is keeping it within striking distance of $60,000. At the time of writing this report, Bitcoin traded at $57,048.20 with a daily trading volume of $52,720,140,286. Bitcoin is up 0.97% for the day.
As large entities accumulate BTCs, bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.
- The flagship crypto has gotten more endorsements in recent weeks from blue-chip companies like Mastercard and America’s oldest bank, BNY Mellon, which showed support for Bitcoin. Mastercard had earlier disclosed that it would open up its network to some cryptocurrencies including Bitcoin.
- PayPal and the world’s largest asset fund manager, BlackRock, have also made big moves to support crypto.
- This also means that over time, it’s possible that as the world’s most popular crypto asset approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.
READ: Unknown whale transfers $256 million worth of Bitcoin
Based on prevailing market conditions, Bitcoin now has a market value of $1.063 trillion.
What puzzles me still is how many bitcoins have been permanently lost. There are all sorts of estimates out there; I reckon based on human error this could be has high as 40% of the total. Disagree?