Investment Tips 18-01-2023 14:52 10 Views

Bitcoin is closing in on a ten-year high


Bitcoin is closing in on a ten-year high

Bitcoin is one day away from breaking a nearly 10-year-old record, and Ethereum could reach a significant milestone by Q2.

Bitcoin BTC $21,238 is one day away from matching its historic 15-day winning streak if its positive price movement continues.

Bitcoin experienced consistent positive price movement for 15 days in November 2013, the longest such streak in its history.

BTC is on day 14 of its winning streak, hitting four-month highs.

With one more day of price increases, the index will match its 2013 streak. If Bitcoin gains another day, it will set a new all-time high with a 16-day winning streak.

It’s not the only bullish indicator breaking new ground. Given the current number of wallet addresses and the metric’s historical growth rate, Ethereum addresses holding at least some Ether will soon pass the 100 million mark.

Glassnode, a crypto analytics firm, announced on January 16 that non-zero ETH addresses had reached an all-time high of nearly 92.5 million.

Ethereum is only 7.5 million non-zero addresses away from the 100 million mark.

Since 2019, the figure has increased by approximately 20 million per year. If this trend continues, non-zero ETH wallets could reach 100 million by the second quarter of 2023.

The most accepting cryptocurrency industry was e-commerce, followed by the travel industry.

Microsoft, the world’s largest company by market capitalization, was the first to accept cryptocurrency. Not everything was upbeat. Wrapped Bitcoin (WBTC), a tokenized and 1:1 backed version of BTC on the Ethereum blockchain, has seen its supply drop by 35% since May.

Glassnode revealed the May 2022 all-time high of 285,000 WBTC on Ethereum in a tweet on January 17, just before the price collapse of TerraLunaClassic (LUNC) and its paired algorithmic stablecoin TerraClassicUSD (USTC).

The bullish sentiment has spread to other crypto-related assets. The second most traded cryptocurrency has risen 31% this month to more than $1,575. Because it allows programmers to code functions to automatically buy and sell assets, the token is widely used as a building block for crypto projects.

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