cryptocurrency
Bitcoin Market Value Flying To Mars, Breaks All-Time High
Bitcoin was trading at $46,596.4 up 20.10% on the day, its biggest daily percentage gain in the market value since December 7, 2017.
The most popular crypto asset, Bitcoin, traded at $46,596.4, up 20.10% on the day. This was the largest daily percentage gain since December 7, 2017.
Such an alarming surge caused the market value of Bitcoin to surge to $848 billion, or 63.38% of the total crypto market value. Bitcoin is trading between $38,057.0 and $46,596.4 for the day.
Over the past week, the flagship crypto has seen a rise in value by 35.32%.
What You Need To Know: The price of Bitcoin has hit an all-time high since the world’s most valuable car company, Tesla, announced it purchased around $1.5billion of the crypto asset in January and is expected to accept it as a payment method in the future.
- Tesla said it is trying to maximize the return on cash that is not used for day-to-day business operations.
- The aspiring US electric car manufacturer also announced that it had placed the bet on Bitcoin after updating its investment policy last month to allow Tesla to invest in digital assets, as well as gold bars and gold trading funds.
A macro that also shows that the liquidity of the Bitcoin market is tightening as there is less than 4 million BTC in circulation for future investors like PayPal, Square, hedge funds, etc.
According to Yann & Jan:
“Float in the network is drying up faster than ever.
“Currently, about 78% of issued bitcoin’s are either lost or being hodled, leaving less than 4 million bitcoins to be shared amongst future market entrants (incl. Paypal, Square, SP500 Companies, ETF’s, etc).”
Float in the network is drying up faster than ever.
Currently about 78% of issued $bitcoin’s are either lost or being hodled, leaving less than 4M bitcoins to be shared amongst future market entrants (incl. Paypal, Square, SP500 Companies, ETF’s, etc). pic.twitter.com/hCtEqQOEEl
— Yann & Jan (@Negentropic_) February 5, 2021
Why Bitcoin Could Triple In Value Annually:
Bitcoin investor, Michael Saylor have cause for excitement over the significant volatility in the flagship crypto market.
The leader of the world’s largest traded business intelligence company, Michael Saylor, recently revealed why he believes the value of the flagship crypto-asset Bitcoin could triple every year.
In an interview with Stansberry Research, Saylor stated that Bitcoin is monetary energy that will attract lots of money.
“In a monetary expansion environment where I crank the monetary inflation rate up by 15%, that $300 trillion has got to find a store of value that’s not a fiat derivative. (Read more here)
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