The Mindset of Professional Traders
Professional traders are like skilled tightrope walkers, performing acrobatic maneuvers while carefully balancing risk and reward. Unlike your average retail traders, who often leap at potential profits like kids chasing ice cream trucks, professional traders weigh risks before diving into the asset pool.
Bitcoin Addresses on the Rise
Recently, the number of Bitcoin addresses holding over 100 BTC has risen to a seven-month high, now sitting at 16,271. This uptick is perceived as bullish, suggesting that big players are accumulating. It’s like when someone suddenly buys all the good cupcakes at a bakery; it creates quite the excitement among the rest!
The Mystery of Search Volume
However, while Bitcoin addresses are multiplying, the search volume for the term “Bitcoin” has dipped. This odd contradiction means that the current rally lacks the frenzied retail buying frenzy seen back in the 2017 bull market. It’s akin to a party where no one’s dancing despite the DJ playing the hottest tracks.
Forecasts and Skepticism
On the brighter side, PlanB, the genius behind the stock-to-flow model, has a bullish outlook for Bitcoin, predicting it could reach $100,000 by December 2021. He believes if this comes true, Bitcoin’s market cap would soar to a whopping $2 trillion. That’s right—Bitcoin could become the equivalent of the most extravagant party in town.
Bears in the Room
But hold your horses! Enter Nouriel Roubini, the noted economist with a critical view on Bitcoin. Roubini forecasts a revolution courtesy of central bank digital currencies in the next three years. He quipped that after this shift, “not only will you not need crypto, but you won’t even need Venmo.” So, while some are stacking satoshis, others are shaking their heads and placing bets in alternate realms.
The Impact of External Events
Additionally, U.S. equity markets reacted positively to Pfizer’s promising COVID-19 vaccine trials. As good news spread like wildfire, both gold and Bitcoin prices took a hit, creating an interesting landscape where crypto enthusiasts see this as yet another buying opportunity. You know, it’s like finding a sale on your favorite sneakers that will undoubtedly be fully stocked soon.
Current Performance Snapshot
Now, let’s dive into the top crypto assets of the day. While Bitcoin may be at the center of attention, it’s essential to keep an eye on emerging contenders. Buckle up, as the crypto race is far from over!
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