Just as the weather in New York can turn from cold to warm in a matter of minutes, so is the cryptocurrency market. Today, every major exchange is reporting record highs for Bitcoin. The news has investors and traders scrambling for a piece of the Bitcoin pie. As a result, the price of Bitcoin is 50% higher than it was at the close of 2016.
Bitcoin’s price is climbing to 50% of all-time highs. It’s a major milestone in the digital currency’s history, even though most of the digital currency’s biggest players are sitting on the sidelines. (At the time of writing this, Bitcoin is trading at $4,568.51 per coin, up 1.68%.)
The cryptocurrency market has yet to find a floor, and it looks like it won’t any time soon. Over the past 24 hours, the number of Bitcoin transactions has been through the roof, rising to 55k per hour. This unprecedented asset’s intense recent run-up has raised concerns that it may be in for a pullback, putting a floor under the market.Institutions are holding their breath when it comes to buying more bitcoins (BTC), even at $34,000.
According to the BTC balances on Coinbase, the largest exchange, there has been little wholesale buying in recent weeks.
institutional demand remains weak, saysanalyst
Although BTC/USD is trading more than 50% below its recent all-time highs, many investors have shown little interest in buying the supply.
Whether retail or institutional, adding bitcoin to portfolios doesn’t look as attractive as it once did, even at a significantly lower price.
I know it’s already out of date, but balances on the Coinbase bitcoin exchange continue to move sideways, noted researcher Jan Wustenfeld, followed by analysis service Glassnode.
If we take this as an indicator that institutional demand is still low….
Throughout the year 2021, the balance of BTC on Coinbase has been steadily declining. This trend continued until mid-May, when withdrawals fell sharply as a result of price capitulation. Since then, Coinbase has seen only a slight decline in its bitcoin holdings.
Annotated table of net gains/losses realized per Bitcoin. Source: Glassnode
It’s been a wild ride for Bitcoin right now. The cryptocurrency rose to a new all-time high today, trading above $3,800 per coin, with the market value of the entire network now over 50% higher than it was at the beginning of the year. But the big question is: how much higher can Bitcoin actually climb?. Read more about crypto early adopters and let us know what you think.
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