Crypto data service, Coin Metrics, has predicted that Bitcoin will continue its surge into 2021. Considering the continuous Bitcoin pump in recent times, Coin Metrics believes that this pump will not be lost in 2021.
In a recent report, Coin Metrics gave an overview of the king coin’s general trajectory for 2021. According to the report, Bitcoin added more than $300 billion to its general market valuation. In addition to this, the report said there was a 100% increase in the number of daily active addresses. Also, the number of addresses with at least 0.01 BTC increased by more than 700k.
The report added more insights to the year Bitcoin has had. It said:
“While adoption grew, Bitcoin veterans continued to hold strong. Bitcoin’s velocity dropped by close to 10% on the year, and the amount of supply active within the last 2 years decreased by about 11%.”
According to the report, and many crypto analysts, the impressive rise in the price of Bitcoin is directly tied to an increase in institutional investors. Firms such as MassMutual and Square pumped $100 million and $50 million into Bitcoin, respectively. Intelligence company MicroStrategy also made Bitcoin its primary reserve asset.
Bitcoin is currently trading at $28,858 according to CoinMarketCap, after climbing over 23% in the last seven days.
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