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Bitcoin Whale Accounts Surge in 2021 as Fiat Flows In

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The number of accounts holding more than a thousand Bitcoins has increased by a significant amount since the beginning of the year.

New statistics from analytics provider Glassnode suggests that the number of Bitcoin whales has increased by more than 200 since the start of 2021.

It classifies a ‘whale’ as an account that is holding over a thousand coins which at current prices would be valued at over $37 million.

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Institution Accounts?

The on-chain data provider suggested that these could be intuitional accounts, adding “data supporting the case that institutions are arriving.” In December, Glassnode reported that 78% of the circulating Bitcoin supply is illiquid and therefore hardly accessible for buying;

“This points to a bullish investor sentiment as large amounts of $BTC are being hoarded – which reduces sell pressure.”

Since the rally began, Bitcoin corrected by 31% but it has since recovered back to $37,000, just 13.5% short of its all-time high.

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Glassnode also reported that activity on fiat-on-ramp exchanges such as Coinbase has been an order of magnitude higher than those of crypto dominant exchanges like Binance over the last couple of weeks. This could be indicative of new money flowing in.

Major institutional funds such as Grayscale have been buying the dip and their latest assets under management figure has hit an all-time high topping $30 billion. Around 80% of this is in the Bitcoin Trust while the Ethereum trust has just over 16%, a figure that has increased recently.

MicroStrategy CEO Michael Saylor recently hosted a Bitcoin for Corporations conference stating that there has been an overwhelming response;

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“Response has been overwhelming, all sessions are live, and we will be covering material never before presented online. “Stuff I wish someone had told me a year ago.””

Bitcoin Price Outlook

At the time of press, Bitcoin was trading at $37,200, down 2% over the past 24 hours after tapping $38k. However, it has gained 27.5% since its correction bottom, a touch below $29,000 on January 22.

The next level of resistance to overcome is around the $39,200 level and from there it could push back above $40k quite quickly. On the downside, there is support at $35,500 with lower levels at just over $32k.

Analyst Josh Rager took a glance at the two-day chart adding that it “looks good”;

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The Cycle Started, Mike Novogratz Says – Bitcoin Boom Is Here; Jack Dorsey Boosts BTC’s Price

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Mike Novogratz is one of the essential names in the crypto space which is celebrating the booming price of Bitcoin.

Check out what he had to share with his followers and Twitter fans:

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Someone hopped in the comments section and said this; ‘Anyone who has not yet embarked on the crypto band wagon is a simple minded idiot who knows nothing about markets, freedom or wealth creation.’

Jack Dorsey boosts the price of BTC

It’s been also revealed that Jack Dorse said that Square could build a BTC mining system – this obviously triggered a more massive price race for the king coin.

At the moment of writing this article, BTC is trading in the green and the king coin is priced at $61,118.15.

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CNBC online publication just noted that Square CEO Jack Dorsey said late on Friday the company is considering jumping into BTC mining business.

Dorsey tweeted that the company is considering a “bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.”

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Dorsey’s goal would be to make crypto mining more accessible. We suggest that you check out the complete thread that Dorsey shared on his social media account in order to learn all the available details.

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Pantera Capital’s Dan Morehead: Bitcoin (BTC) Already Up 100% in This Bull Run

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How big is median increase in Bitcoin (BTC) price in bullish market phases?

As Bitcoin (BTC) reclaims $62,000 level, Dan Morehead, CEO of the first-ever cryptocurrency-focused VC firm in the U.S., shares the comprehensive statistics of the last six bull runs for Bitcoin.

Bitcoin (BTC) price doubled in 87 days: Bull Run 2021

According to the latest tweet by Mr. Morehead, the Bitcoin (BTC) price witnessed a 2x increase in the first 87 days of the ongoing bullish wave.

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Unlike many other experts, Mr. Morehead identifies two separate “bull run” phases in 2020-2021. During the previous one, between March 16, 2020, and April 14, 2021, it took 394 days for Bitcoin (BTC) to increase its price 13x and print a new all-time high.

According to his infographic, the most impressive rally ended with a 106x increase of the orange coin’s price in 2015-2017.

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That said, the median Bitcoin (BTC) price bull run lasted for 300 days and increased the “king coin’s price” by 15x.

Will Bitcoin ETF mark the top of the BTC cycle?

At the same time, according to “The Next Price Era” letter issued by Pantera Capital on Oct. 6, 2021, the hotly-anticipated approval of Bitcoin (BTC) ETFs is listed amidst the possible “sell the news” events.

Mr. Morehead noticed that the launch of CME Bitcoin Futures and Coinbase direct listing triggered painful bear markets:

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Will someone please remind the day before the bitcoin ETF officially launches?  I might want to take some chips off the table.

As covered by U.Today previously, similar statements were made by CNBC’s Jim Cramer.

The seasoned analyst also revealed his plans to “cash out” 50% of his Ethereum (ETH) bags.

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Bitcoin Will Significantly Underperform Altcoin Market As New Crypto Price Era Unfolds: Pantera Capital’s Dan Morehead

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The founder and chief executive officer of Pantera Capital says that investors can expect altcoins to outperform Bitcoin (BTC) in the long term.

In a recent edition of Pantera’s Blockchain Letter, the head of the digital asset management firm outlines Dan Morehead’s key quotes from the SALT 2021 conference in New York. During the conference, Morehead said that even though his company has greatly profited from BTC, he emphasized that most future crypto gains will come from altcoin investments.ADVERTISEMENT

“My perspective is: Bitcoin has been amazing – Pantera Bitcoin Fund is up 67,000% since inception. However, I think the majority of future gains will be from tokens outside of Bitcoin. I know that sounds heretical to some people here, but that’s my professional opinion.”

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Morehead compares the rise of Bitcoin and its competitors to that of the tech industry boom during the late 1990s.

“It’s like saying in 1998 that [the] majority of future tech gains would come from outside Microsoft.

At the time, Microsoft was worth $218 billion, Apple $3.5 billion, Amazon was $2.2 billion. Google and Facebook were zero – they didn’t even exist. In the years since Microsoft did great – it went up 10x. However, 80% of the tech gains in these five stocks came from outside Microsoft.

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That’s the view I have here – I think BTC is going to go up a ton – like 10x. It’s a great investment…[but] I think the broader portfolio is going to outperform.”

At time of writing, BTC has a market cap of $1.156 trillion while all altcoins combined have a market cap of $1.327 trillion, according to CoinMarketCap.

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