Bitcoin’s Recent Performance
On February 12, 2021, Bitcoin (BTC) made headlines by hitting a stunning all-time high of $48,985, before retreating slightly to around the $46,000 mark. For those following the trend like a hawk, BTC appears to be riding a consolidatory wave while still showing promise with its pattern of higher highs and higher lows. Stay tuned folks, as there’s buzz in the crypto air suggesting a potential leap to the coveted $50,000 threshold by the weekend!
The Curious Case of Bitcoin’s Liquid Supply
Analysts from Decentrader recently pointed out an interesting trend: while the liquid supply of Bitcoin has been dwindling, demand has shifted into overdrive. More and more BTC have been stagnant on-chain, leading to the conclusion that investors are hoarding rather than trading. Current estimates suggest that approximately four million BTC remain in circulation, and this figure has been on a downward trend since mid-2020. Those sneaky whales and institutional investors aren’t just lounging; they’re actively grabbing what they can!
Market Dynamics and Wallet Sizes
It’s not just the liquid supply making waves; there’s a visible surge in the number of wallets stuffed with hefty amounts of BTC. Specifically, wallets holding over 1,000 BTC are becoming more prevalent, while wallets with smaller amounts seem to be stagnating or, heaven forbid, dwindling. This shift reinforces the notion that larger players are benefitting by buying out the smaller players. You’re either in the game with deep pockets or… well, let’s just say, you should’ve bought the dip!
Exciting Developments in Cryptocurrency Services
On the bright side, PayPal is going global! The payments giant announced plans to extend its crypto services across the pond to the UK, allowing residents to buy cryptocurrency via PayPal and Venmo apps. Cheers to that! Not to be left out, Apple Pay is also climbing aboard the crypto train through a partnership with BitPay. So, if you’re dreaming of buying Bitcoin with those coffee shop rewards, your day may be coming soon!
A Broader Market Picture
Traditional markets have been a rollercoaster this week, especially after recent investigations into Robinhood and Reddit regarding potential market manipulation (hear that, GameStop and AMC?). Despite this early turmoil, major indices finished in the green, with the S&P 500 and NASDAQ closing at record levels. Meanwhile, the crypto market has been on a remarkable upswing with many altcoins trailblazing into unprecedented heights. Ethereum (ETH) recently skyrocketed to $1,863, and Polkadot (DOT) experienced a thrilling 21% increase, making cryptocurrency seem like a rollercoaster ride you just cannot miss!
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