While the Bitcoin exchange rate (BTC) is on an all-time high track, the BTC network is rumbling. The market update.
Check out our new platform 🚀 https://thecapital.io/
Bitcoin exchange rate (BTC) is still on the up and has defended the $ 16,000 mark with some up and down marks at the start of the week. With a 24-hour plus of one percent, the largest cryptocurrency by market capitalization is trading at 16,230 US dollars at the time of going to press, posting a weekly increase of 4.8 percent.
The Bitcoin price was most recently listed at a similarly high level in early 2018. At that time, Bitcoin was at the end of the bull run, which catapulted the cryptocurrency to its all-time high of just under 20,000 US dollars in mid-December 2017. Almost three years and a global economic crisis later, history seems to repeat itself. After a tough consolidation phase in the summer, the BTC rate has risen by almost 6,000 US dollars in the past two months.
Bitcoin hype with substance
At the network level, the outbreak had already begun. However, the last impetus was given by companies like PayPal, whose Bitcoin integration made waves beyond the crypto sector, or Square and MicroStrategy, which switched parts of their cash reserves to BTC in an extremely media-effective manner. In the last 30 days alone, Bitcoin has grown by 43 percent and is gradually targeting its all-time high again.
This time, the cryptocurrency could overshoot the last stop. The last high-altitude rush was a textbook bubble formation. In just one month, Bitcoin climbed from $ 10,000 to $ 20,000 and fell back to $ 10,000 just as quickly. The hype was finally followed by disillusionment. Bitcoin gradually lost ground and finally crashed to $ 3,000 in December 2018, a year after reaching its all-time high. Healthy growth looks different.
Quite a few indicators, however, suggest that the Bitcoin rally has more substance this time than at that time. Be it the constantly decreasing BTC reserves on the stock exchanges with a simultaneous increase in the accumulation addresses, the connection of the crypto market to the classic financial markets through the establishment of exchange-traded BTC financial products, the influx of institutional investors and hedge funds, the reallocation of company reserves in BTC or the adaptation by payment service providers: Bitcoin may only be at the beginning of a sustainable growth period and is gradually laying the cards for a leap towards the all-time high.
Bitcoin network is flourishing
The number of active Bitcoin addresses is at its highest level since the beginning of 2018. On November 9th, Glassnode with over 1.2 million addresses, the highest value measured since January 11, 2018.
Active addresses are marked as either sending or receiving transactions. With around 843,000 transactions, the number of sending addresses on November 9th rose to the highest level since the bull run expired at the turn of the year 2017/18.
Options are hot
Meanwhile, there is brisk demand for Bitcoin options on the futures markets. According to Skew, the aggregated volume of open interest on all exchanges reached 3.79 billion US dollars a new all-time high on November 12th.
The open interest summarizes all outstanding futures contracts. Unlike futures, traders are not required to buy or sell options. The high level of trading activity in Bitcoin options shows, however, that the betting business on the Bitcoin course is flourishing and could shake the market towards the end of the year.
Support me for FREE through these Referral Links:
CRYPTO PUBLISHING PLATFORMS
Publish0x Referral https://www.publish0x.com?a=open5lPd7A
Read.Cash Referral https://read.cash/r/Zeal
Disclaimer: These lines are not a substitute for investment advice, investments in the crypto market are made at your own risk. Invest only as much as you are willing to lose. I get commissions for purchases made through links in this post.
Post fetched from this article