The price of Bitcoin has hit a record high after three years. What is the basis of this round of bull market?
After nearly three years of waiting, MondayBitcoin hit a new high after surpassing $19,900, up 97% since early September, breaking a record set in December 2017 (the December 2017 high was $19,666 per coin).During the same period, the blockchain sector of the U.S. stock market also rose sharply. Marathon Patent rose by more than 30%, and Riot Blockchain rose by more than 20%.
Since hitting its annual record in March this year, Bitcoin has plummeted by more than 50% in one day, and now it has risen by more than 500%. According to Coin Metrics, Bitcoin’s positive correlation with traditional markets remains stronger than above 0.4.
As the market enters a new bull market cycle, many investors worry that Bitcoin will repeat the trend at the end of 2017. After hitting an all-time high in December 2017, the price of Bitcoin had fallen to $5,947.40 in just two months.At that time, the rise of Bitcoin was more due to the increase of active retail investors, and the price rise was based on the speculative craze and FOMO driven by the media; while the current round of Bitcoin price rise was more driven by institutional funds.
Since November 26, 2020, Bitcoin inflows into exchanges have exceeded outflows.
The data,http://bitcointreasuries.orgThe data,As of December 1, 2020, a total of 842,300 bitcoins were publicly held by 23 companies around the world, accounting for about 4.01% of the total bitcoins.
As of November 30th, US Eastern Time, the holdings of the Grayscale BTC Trust increased by 1,813 (+0.34%), with a total holding of 535,929 BTC; the holdings of the Grayscale ETH Trust increased by 5,341 (+0.20%), with a total holding of 2666548 ETH.
As of December 1, 23 companies around the world publicly held a total of 842,300 bitcoinshttps://bitcointreasuries.org/
Positive factors for the current Bitcoin price include: mainstream payment companies such as Square and PayPal continue to funnel funds into Bitcoin; the total number of active Bitcoin addresses has soared to an all-time high; Coinbase, Bitstamp, Kraken, Gemini and ItBit’s recent total daily transactions The volume is US$1.5 billion, much higher than the average level of US$488 million in the past six months; the open interest Bitcoin futures contract is close to the highest point in history; Grayscale Bitcoin Trust continues to increase its holdings, and the current total position has exceeded 535,000 BTC.
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