Connect with us

Bitcoin

Story from Markets Bitcoin Breaks $15K as Investor Numbers Peak

Bitcoin’s rally is still going as investors continue to accumulate the cryptocurrency, ignoring overbought signals on technical indicators.

  • Bitcoin (BTC, +8.80%) rose to $15,017.05 at 10:50 a.m. ET (15:50 UTC) on Thursday, its highest level since January 2018.
  • The price gains happened as global equities rally. European stock indexes are up around 1% on the day and U.S. stock indexes such as the S&P 500 are up over 2%.
  • The cryptocurrency is now up 7.8% over the past 24 hours and over 108% on a year-to-date basis, according to CoinDesk’s Bitcoin Price Index.
  • Amid the price rally, the number of “accumulation addresses” has risen to a record high of 519,228, according to data source Glassnode.
  • The metric has risen by 3% in the past four weeks alongside bitcoin’s rally from $10,500 to $15,000. “It shows retail flow … investors accumulating amid the price rally,” Denis Vinokourov, head of research at the London-based prime brokerage Bequant told CoinDesk in a Telegram chat.
  • Also, accumulation addresses are up over 9% in 2020, meaning investors have been accumulating coins throughout the year, possibly creating upward pressure on prices.
  • Notably, the number of bitcoins locked in accumulation addresses has gone up 20% to 2,818,447 BTC this year.
  • Accumulation addresses are those that have at least two incoming “non-dust” transfers (representing minuscule amounts of bitcoin) and have never spent funds. The metric does not include addresses belonging to miners and exchanges and excludes addresses active more than seven years ago to adjust for lost coins.
glassnode-studio_bitcoin-number-of-accumulation-addresses-1
Bitcoin accumulation addresses and price
Source: Glassnode
  • In a sign of confidence in the cryptocurrency’s long-term prospects, investors accumulated coins during the March crash and also during the price drop in September. On both occasions, the price dip was short-lived.
  • The recent rise in both accumulation addresses and prices indicates the market participants are not worried about a chart-driven sell-off and foresee a continued rise in prices.
  • Bitcoin’s 14-day relative strength index (RSI) has been indicating overbought conditions since Oct. 20, when bitcoin was trading near $11,700. So far, the technical pullback has remained elusive.

Learn How To Buy BTC with Cash App! Click Here!

Trade Bitcoin With Binance!

Get $10 Free Bitcoin When You Spend $100 At Coinbase!

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Bitcoin

Bitcoin (BTC) Crosses 55k And Is Heading Towards 60k Fast!

Less than two months into 2021, the price of bitcoin has risen 95.4%.

Earlier this week BTC smashed through 50k and is headed towards 60k just as fast. The price is currently trading at 57k as of press time up 60% this month alone. Along with BTC’s meteoric rise quite a few altcoins are going along for the ride.
Some are saying the astonishing rise of BTC’s price to the tremendous demand from buyers looking to hedge against inflation as governments keep spending and central banks keep printing money trying to keep their economies going through the pandemic.
Looking to trade cryptocurrencies? You can trade BNB on Binance by clicking here

Based in the United States and want to trade via Binance.US? Click here to sign up now!

Continue Reading

Adoption

Cardano founder, Charles Hoskinson speaks on the future of Bitcoin and taking profits

Cardano ADA Cryptocurrency Coin

Charles Hoskinson has always been a huge advocate for decentralized finance and building a network that could provide solutions to the problems with our current financial and banking systems. In this recent AMA Charles speaks out on his view about the issues that Bitcoin faces as well as reminding everyone that cryptocurrency isn’t all about taking profits.

Despite Charles Hoskinson open criticisms of Bitcoin he does say:

“I would still be working on Bitcoin if Bitcoin could evolve”

Continue Reading

Bitcoin

Tesla buys $1.5 billion in bitcoin, plans to accept it as payment. BTC skyrockets to 44,000!

  • Tesla announced in an SEC filing Monday that it has bought $1.5 billion worth of bitcoin.
  • The company also said it would start accepting bitcoin as a payment method for its products.
  • CEO Elon Musk has been credited for raising the prices of cryptocurrencies, including bitcoin, through his messages on Twitter.

Tesla announced Monday it has bought $1.5 billion worth of bitcoin.

In a filing with the Securities and Exchange Commission, the company said it bought the bitcoin for “more flexibility to further diversify and maximize returns on our cash.” Tesla also said it will start accepting payments in bitcoin in exchange for its products “subject to applicable laws and initially on a limited basis.” That would make Tesla the first major automaker to accept do so. (The $1.5 billion worth of bitcoin will give Tesla liquidity in the cryptocurrency once it starts accepting it for payments.)

After this announcement BTC shot up to 44k!

Trade Bitcoin With Binance!

Get $10 Free Bitcoin When You Spend $100 At Coinbase!

Continue Reading

TRADE CRYPTO

TRY COINBASE TODAY

PROTECT YOUR CRYPTO

BUY BTC/LTC/ETH

STORE YOUR CRYPTO

Ledger Nano S - The secure hardware wallet

Trending