With the price increase in the past two months, Bitcoin’s market value is now only 10% away from its historical high.
According to comparison data, Bitcoin, the largest cryptocurrency by market value, has stabilized at US$16,000 and is continuing to rise from this price. The current market value of Bitcoin has exceeded US$300 billion. This is also the market value of Bitcoin since the peak of the 2017 bull market Reached this height again for the first time.
However, because the circulation of Bitcoin has increased a lot in the past three years, the current price of Bitcoin is only 80% of the historical high price, and there is still a gap of $4,000 from the historical high.
The increase in market value has also led to an increase in Bitcoin market dominance. In September, Bitcoin’s dominance in the crypto market fell to 57%. However, after the price exceeded $16,000, Bitcoin’s market dominance has been restored to 64%.
This wave of Bitcoin’s rise is believed to be driven by the entry of companies and institutions such as MicroStrategy. With the global economic stimulus and quantitative easing policies launched in response to the new crown epidemic, investors’ concerns about inflation have made them constantly looking An investment that can store value. In this context, Bitcoin as “digital gold” has become the choice of many investors.
In addition, the fundamentals and ecological maturity of the Bitcoin network is no longer comparable to 2017. As the network hash rate, number of active addresses and other indicators have repeatedly hit high points, more investors believe in the price of Bitcoin more and more. Bullish on this cryptocurrency.
Gemini Exchange CEO Tyler Winklevoss and Cameron Winklevoss recently stated that “the price of Bitcoin will reach an all-time high before the end of 2020. Although the price of Bitcoin has begun to soar, it has not really achieved a breakthrough.”
