On Wednesday, November 18, 2020, the price of Bitcoin has been hovering at the highest level since the level of decentralization three years ago, that is, 2017. The market value of the cryptocurrency is currently hovering at around $334 billion. Similarly, over the past three years, the daily issuance rate of Bitcoin has made the overall market valuation higher than when Bitcoin reached $19,600 per coin.
Earlier this morning (EST), Bitcoin (BTC) surpassed the $18,000 per unit price zone as crypto assets climbed 54% in the past 30 days. In the past 90 days, the U.S. dollar has risen by 53% against the U.S. dollar. In the past 12 months, the U.S. dollar has increased by 123%.
Three years ago, Bitcoin hit an all-time high of $19,600 on Bitstamp, but due to three years of Bitcoin issued by miners, the market value of BTC today is higher than it was on December 17, 2017. Today, Bitcoin is undoubtedly the best. In the past decade, financial instruments have surpassed stocks, stocks, commodities and almost all assets.
Cryptocurrency is witnessing a watershed. For the first time, mainstream people see it as enduring, fundamentally a new asset class.#Bitcoin Currently leading the rally, new funding comes from funds that allocate small holdings to cryptocurrencies.
For example, in July 2010, 12 years ago, a single BTC exchange was 0.08 USD per unit. This means that with BTC above the $18k handle (or slightly below), the value of crypto assets has increased by 22 million% since 2010. If someone waits for five years, the price of BTC in 2015 will be between 200-300 USD for each coin. Investing in Bitcoin at this level (2015) will allow investors to obtain 7,100% of the BTC exchange rate at $18k.
The data shows that at the current price level, anyone who touched more than 55 BTC has crossed the millionaire zone. Statistics show that there are a total of 664,900 unique addresses, between 1-10 BTC and 2.3 million unique addresses, with each address having 0.1 to 1 BTC. Statistics from bitinfocharts.com also show that there are 25,810 unique addresses with one million dollars in Bitcoin. In addition to these million-dollar whales, there are 3,442 addresses today containing 10 million US dollars in BTC.
The government will start to blame #Bitcoin The price of BTC’s soft currency continues to rise as its citizens try to get rid of the economic impact around the corner, which is the cause of hyperinflation. Bitcoin will be banned in many countries in the next 12 months, but it is too late…
At the same time, as the value of Bitcoin (BTC) continues to grow, the inflation rate or issuance rate of encrypted assets continues to decline. Unlike Fed Chairman Jerome Powell (Jerome Powell), he noticed that the U.S. Central Bank would make inflation higher than usual, while Satoshi Nakamoto’s system was predictable and mathematically safe.
In fact, most central banks in the world claim that financial institutions maintain the inflation rate target at around 2%, but there are some leniency countries that raise the inflation rate target to 4%. Even if the central bank claims that the global benchmark interest rate is 2%, statistics from shadowstats.com show that the actual interest rate may be as high as 10%.
On February 24, 2020, just before the third BTC reward halving, the inflation rate of decentralized currencies hovered around 3.86%. Today, this indicator has been greatly reduced and continues to decline as the current Bitcoin (BTC) inflation rate was only 2.71% at the time of release.
After BTC broke through the $18,000 area, Simon Peters, a crypto asset analyst from Etoro, stated in a note to investors that “Bitcoin will now set its sights on a record high of $20,000.”
“Over the past three years, there have been many factors contributing to the current price increase, including a large influx of investors from large institutions such as listed investment trusts, pension plans and university endowments. This shows the development of Bitcoin, Peters wrote on Wednesday morning “By looking at the data set from the blockchain, which is the foundation of encryption technology, to analyze the health of Bitcoin, it also reported a strong signal that the recent price increase is reasonable. “
The digital currency analyst added:
The $20,000 level is clearly Bitcoin’s next goal. I think if this year can exceed this year, then we will enter uncharted territory because the market sentiment is still optimistic. The maturity of Bitcoin is reflected in the diversity of its investors and its extensive and extensive data set, which means that we can say with some worry, “This time is different.”
With the soaring price of Bitcoin (BTC), cryptocurrency supporters have been wondering whether the upcoming “altcoin season” this week. So far, since the dominant level of BTC is 68.7%, it seems that at least this is not the case now.
However, in terms of market capitalization of Ethereum, there are still some noteworthy altcoins that move northward, just like the second largest blockchain. Popular cryptocurrency analysts on Twitter say @intocryptoverse I believe that at some point, the price of Ethereum may exceed $10,000 per token.
“If ETH continues to evolve in this way and is actually one market cycle behind BTC, then we will reach a peak that is approximately 1,000% higher than fair value within a few years,” the trader Expected On Twitter. @intocryptoverse concludes: “If this happens in 2023, then this might make the theoretical peak slightly below $10,000 per ETH.”
What do you think about the possibility of Bitcoin breaking through $18,000 and Ethereum touching $10,000? Let us know your thoughts on this topic in the comments section below.
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