PayPal starts crypto service, Bitcoin investor „extremely greedy
Bitcoin cracks the 16,000 US dollar mark: Sustainable breakthrough?
Bitcoin is hardly to be braked and approaches the all-time high. Asset manager Grayscale also got wind of this and is stuffing its pockets full of BTC. The market update.
The Bitcoin share price (BTC) continues its march toward the all-time high. Compared to the previous day, the crypto reserve currency has risen by 3 percent and thus climbed to 16,720 US dollars at the time of going to press.
Bitcoin rate in the weekly chart
Only scarcely Bitcoin failed in the evening hours of yesterday because of the next thousand mark. With 16,813 US Dollar was provisionally conclusion, in view of the present course fireworks the jump over the resistance might be however only one question of the time.
A price increase of 46 percent in the last 30 days speaks volumes: The cops are at the pusher. Already now Bitcoin on the highest level for over two years is acted and an end seems at least momentarily not in view.
Bitcoin in the bull market
Because according to the latest Week-on-Chain report from Glassnode, the crypto currency is still in the bull market. The Blockchain analysts evaluate the Bitcoin status quo on a weekly basis using various key figures and locate the currency accordingly in the bear or bull market.
With a value of 61, the Global Network Index slides one counter down in the weekly comparison, but still remains at a strong value. Although the category „network health“ was able to gain due to increased on-chain transactions, on the other hand, general liquidity had to give up points due to dwindling stock market reserves.
Accordingly Bitcoin is little surprisingly also this week in the bull market glued on. More however the thesis surprises that Bitcoin shows decoupling tendencies in view of the present upward trend opposite the Börsenparkett:
With the continuing price rises, BTC has moved further and further away from the trends on the stock market, which lends even more credibility to the narratives that point to a possible decoupling from the traditional markets.
Whether and to what extent the markets correlate with each other is a question that has become apparent at the latest since the corona crash in mid-March. Overall, the correlation between Bitcoin and the S&P 500 index seems to have increased on average in recent months. However, as the following chart from Skew also shows, the correlation fluctuates with strong outliers in both directions.
It is true that the crypto market under the dominance of Bitcoin currently seems to be raking off the stock market. However, it remains to be seen whether a trend reversal or only a snapshot can be derived from this.
Grayscale now holds 500,000 BTC
However, the fact that dynamics have been increasingly reflected on the markets in recent months is not least due to the influx of stock market participants and institutional investors. Asset manager Grayscale, in whose Bitcoin Trust now more than 500,000 coins are kept in custody, turns out to be particularly busy.
At the current exchange rate, the trust thus amounts to over 8.3 billion US dollars. Grayscale alone thus holds around 2.7 percent of the total BTC offering. If the 3.7 million Bitcoin invoiced by Chainalysis is subtracted from the supply, which has been lost in recent years, Grayscale holds over 3.3 percent of the BTC volume in circulation.
Bitcoin on the way to an all-time high
According to Mike McGlone, the asset manager could fill his pockets at a good time. According to the Bloomberg analyst, Bitcoin is still in the early stages of a bull cycle despite the current rally. There are two key resistances on the to-do list for the coming year. Firstly, the not so distant all-time high of USD 20,000 and, once this is reached, a market capitalization of USD 1 trillion.