The first and largest cryptocurrency by market cap, Bitcoin (BTC) rallied above $16,000 for the first time in three years, setting new yearly highs of $16,494. Bitcoin built upon the support at $15,000, lifting off past the range resistance at $15,500 to trade past $16,000. Analysts opined that this latest leg will drive Bitcoin toward $17,000 or even $18,000 while some anticipate Bitcoin’s pullback from the yearly highs.
The aggregate market capitalization also grew by nearly 6% in the past seven days, suggesting that crypto assets are generally trading upwards. Bitcoin contributed mostly to the gains, with its market cap increasing from $267 billion to $293 billion within the timeframe.
Presently, Bitcoin’s dominance stands at 64.7%, leaving only 35.3% to be shared among the Altcoins.
Based on a trend noted by a prominent twitter analyst, Bitcoin may never trade at $10,000 any more while recent data by on-chain analytics Messari sums up the times of the top 10 cryptocurrencies.
BTC/USD Daily ChartBitcoin is presently trading at $16,337.
A prominent analyst believes Bitcoin will never trade below $10,000 anymore. He noted a historical trend in which once the price has reached a particular level for more than 100 consecutive days, it has never returned. This was seen with the $1, $10, $100 and $1,000 levels. Since Bitcoin has recently done the same with $10,000, the same response could be anticipated.
Plan B’s stock-to-flow model further substantiates this claim. Just as the name implies, stock to flow is a number that shows the number of years it will take the asset, at the current production rate, to achieve the current stock. Higher this number, the higher the price.
On-chain analytics platform Messari in recent data indicated the number of days major cryptocurrencies spent at their present price and the percentage gains calculated from previous years.
The recent price of Bitcoin (BTC) price at $16,320 has only been at this level or higher for 12 days in its entire 4,332-day history, which is just 0.28% of its life. It further noted that the closing price had surpassed $16,320 only on 12 other days, 10 of which happened from Dec. 7 to 20 in 2017, with the highest close occurring on Dec. 16 at $19,378. Thus, investors who purchased BTC at the all-time high of $20,089 would still be down 18.35%. In contrast, investors who bought at this cycle’s low of $3,126 on Dec. 15, 2018, would be up 424%.
Of the other top 10 cryptocurrencies, only Chainlink (LINK) comes slightly closer to Bitcoin, staying above its present price of $12.70 for 2.7% of its life. Ethereum (ETH) present price of $464 has only been surpassed 201 days in the past, representing more than 10% of the entire 1,933 days since the ETH network was birthed.
XRP, Bitcoin Cash (BCH), Litecoin (LTC), Binance Coin (BNB), Polkadot (DOT), and Cardano’s ADA prices all range between 9.7% and above 30% of their entire lives. BCH ranks higher than other major cryptocurrencies as it has stayed above its present price of $258 for at least one-third of its entire life.
This day in comparison to previous years means Bitcoin investors have seen profits of 88%, 2,275%, 4,326%, and a whopping 5,833,991% for the years of 2019, 2016, 2013, and 2010, respectively.
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