3.4m bitcoin (BTC) are readily available to buyers as demand increases, blockchain analytics specialist Chainalysis said, noting that first-time BTC buyers and buyers looking to unload fiat currency for BTC as a hedge against worrisome macroeconomic trends are responsible for much of the current demand. Meanwhile, Rick Rieder, BlackRock's Chief Investment Officer of Global Fixed Income, said he thinks that BTC "could replace gold to a large extent."
According to Chainalysis, right now, the amount of liquid, or trader-held BTC is similar to what it was during the 2017 bull run. But the amount held in illiquid wallets, controlled by investors, is much higher, representing 77% of the 14.8m BTC mined that isn’t categorized as lost, meaning it hasn’t moved from its current address in five years or longer, they added.
On average, around BTC 1.715m changes hands on crypto exchanges per day in November, or slightly less than in October. Hover, compared to the first 19 days of November last year, when BTC dropped from above USD 9,000 to USD 8,000, the average trading volume decreased by 41%.
Meanwhile, this year, according to Chainalysis, demand is increasing as evidenced by rising inflows to exchanges and trade intensity on exchanges.
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Also, the team of researchers said that, in 2017, most demand came from individual, retail investors buying with their own personal funds, many of whom had varying degrees of experience with and knowledge of cryptocurrency.
"As anyone who reads the news can tell you, 2020 is the year institutional dollars began flowing into bitcoin," they said, adding that this trend appears to be driven by a desire to hedge against macroeconomic uncertainty.
Today, BlackRock's Chief Investment Officer of Global Fixed Income told CNBC that BTC is "much more functional" than gold and the most popular cryptocurrency could replace the yellow metal. At the end of last year, BlackRock had USD 7.4 trillion in assets under management.
Enquanto isso, os dados tambem mostram um aumento nas transferencias de alto valor enviadas de bolsas em 2020.
"As bolsas enviaram 19% mais transferencias no valor de US $ 1 milhao ou mais em 2020, enquanto o preco do bitcoin foi superior a US $ 10.000 em comparacao com 2017. Isso sugere que os individuos por tras dessas transferencias tem mais dinheiro para gastar, como seria de esperar quando maiores investidores obtivessem envolvidos ", disseram eles.
Hoje, o diretor administrativo da empresa de gerenciamento de ativos de criptografia Grayscale , Michael Sonnenshein, disse que sua equipe "investiu mais de US $ 188 milhoes apenas no Bitcoin Trust em tons de cinza, ontem".
O BTC e negociado a US $ 18.719 (16:38 UTC) e tem alta de 4% em um dia e 16% em uma semana. O preco subiu 46% em um mes, 145% em um ano e esta 7% longe de seu maior recorde de US $ 20.000.
"If the selling pressure increases on the back of traders locking in their profits, the price could easily drop toward USD 16,000. However, if the motive force of bitcoin’s uptrend is strong enough, the BTC/USD cross rate could break above USD 18,200 in a relatively short time," Greg Waisman, Co-Founder and Chief Operating Officer of Mercuryo.io, a cryptocurrency payment ecosystem, told Cryptonews.com.
According to him, moving past USD 19,892 will in its turn be another step toward setting new historical highs at the 127.2% and 141.4% Fibonacci retracement levels sitting at USD 24,500 and USD 26,830, respectively.
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Other insights and comments:
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Learn more:
Mexican Billionaire and GOT Actress Buy Bitcoin – and Want the World to Know
Bitcoin Rallies Above USD 17,000, Ray Dalio In Doubt
Crypto in 2021: Institutions Prefer Bitcoin, Retail Open to Altcoins
3 Hints Why Bitcoin Might Be 'Poised for Biggest Breakout Yet'
‘Steady Increase’ in Bitcoin Investment Coming, Not a ‘Flurry’ - CoinShares
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(This article was updated at 13:36 UTC to add a quote from Managing Director at Grayscale, Michael Sonnenshein, and comments from Rick Rieder, BlackRock's Chief Investment Officer of Global Fixed Income. This article was also updated at 16:27 UTC to elaborate on the comments by Rick Rieder. BTC price was also updated. At 17:46 UTC, an infographic from Google Trends was added. )
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