Bitcoin’s price wasn’t the only element that recorded a surge, other factors like supply profit as well as the Bitcoin futures volume on Bakkt also observed increased gains.
$20K Bitcoin’s Next Stop?
The entire crypto-verse expected the price of Bitcoin to record new highs, post halving, the king coin decided to take a backseat as the alts took over the crypto market. While Bitcoin took quite some time to breach $10K, the focus shifted on DeFi tokens. One such token was YFI, this fairly new coin almost hit $5K. This further prompted the crypto community to believe that YFI could possibly overtake Bitcoin to hit $10K. However, Bitcoin was done being sidelined as the price of the king coin shot up to $11K.
Recently, the price of Bitcoin finally broke past $10K after a long time. However, this was a brief stay as the coin plummeted back to into $9K zone. While this left several members of the crypto community concerned about the fate of Bitcoin, the king coin decided to go big. Earlier today, BTC hit a high of $11,194.99. During the time of writing, Bitcoin was trading at $10,659.21 with a 4.3 percent increase in price.
Bitcoin’s price movement caught the eye of many. While several speculated that the next stop for Bitcoin was at $20K, the others started calling out those who labeled Bitcoin “dead”. Charles Edwards of Capriole Investments also commented on Bitcoin’s recent price movement. His tweet read,
This huge $2000 move in #Bitcoin is all the more sweet given it was done with Gold, not stocks.
In a tumultuous year, Bitcoin is proving itself a safe haven. Crushing all other asset classes and up over 50%.
In other news, along with its price, the Bitcoin futures volume on Bakkt also hit a high yesterday. Bakkt recorded a total of 11,509 BTC worth of trading in just one day. This largest single-day volume for Bitcoin futures contracts was worth almost $114 million. The previous all-time high was recorded back in December 2019 and the latest figures display an 84 percent increase.
Bitcoin seems to be having an eventful day as the Bitcoin Supply in profit also hit an 11 month high. As per the on-chain analytics platform, Glassnode, the BTC percent supply in profit reached 92.021 percent. The previous high of 91.944 percent was recorded earlier today.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at firstname.lastname@example.org