While some traders bought Bitcoin after significant growth, at an absolute high on December 17th, 2017 (around $20,085), most of the investment in this asset (almost 95%) is profitable, given that the cryptocurrency reached the level of $11,390. This is evidenced by the data of Glassnode analysts. A look at the daily dynamics shows that 97.7% of investments in Bitcoin were also in the plus.
Analyst Kevin Ruuke believes that the main factor of investment attractiveness of Bitcoin is that “62% of supply of such cryptocurrencies have not moved anywhere for at least a year. Those who want quick profits leave the market and long-term investors (chillers), whose influence is now at its peak, remain on the market.”
Find out more about the increased interest in Bitcoin and read the most important news in the crypto sector with the Born2Invest mobile app. It’s difficult to keep up with everything, but our app brings you the latest finance news for you to keep informed.
Wall Street is betting on cryptocurrencies
Bitcoin’s rise in price has caught the attention of the world’s leading business media, from Bloomberg to the Wall Street Journal. Interest in an asset that has a guaranteed volume of supply has grown again, and this is not surprising: Bitcoin was able to jump 12%, climbing to $11,000. For the first time since 2019, the cryptocurrency was able to overcome the $10,900 mark. Despite the fact that the cryptocurrency managed to jump over the main technical resistance line at the level of $10,500, its growth is no longer guaranteed.
The increase in the price of Bitcoin showed that there are very few investors in this cryptocurrency who would like to take a profit and sell the asset at a price of $10,000 or $11,000.
At the same time, the demand for Bitcoin is updating records. Thus, according to the analytical company Skew, the volume of futures purchases on Bitcoin reached a maximum at the beginning of the week, if we talk about the platform Bakkt, behind which is the parent company of the New York Stock Exchange (ICE).
Bakkt became the first regulated crypto exchange in the United States to be allowed to trade Bitcoin futures on delivery terms, meaning that investors – Wall Street players – were able to invest directly in cryptocurrency. The project is not just some kind of experimental – the fact that a serious amount of funds was recently invested in it shows that Wall Street is betting on cryptocurrencies. As a result, Bakkt now has a $ 482.5 million development portfolio, and investors include M12, a subsidiary of Microsoft, as well as one of the world’s oldest consulting organizations, Boston Consulting Group.
According to Glassnode, business activity has also increased at the largest crypto exchanges, which indicates an inflow of new investors in Bitcoin. According to a market comment by deVere Group, the current success of the cryptocurrency once again makes investors look at it as “digital gold”. At the same time, according to analysts of the organization, some other altcoins also have the right to claim this status in the near future. Thus, they expressed the opposite opinion than the analyst Max Kaiser, who said that investors will eventually sell almost all altcoins and “go” to Bitcoin.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in CLICK CHAIN, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Mozambique/Debt: Credit Suisse Pleads Guilty and Pays $475 million
Credit Suisse bank has pleaded guilty to conspiracy to commit fraudulent financial transfer by paying $475 million in a settlement...
Virtual and Augmented Reality Are Shaking Up the Education Experience
While virtual and augmented reality are making a big impact in all manner of fields, education is one sector that...
MicroStrategy Stock Could Fall 12% after Bitcoin ETF Launch
MicroStrategy's revenue has dropped from more than $513 million in 2017 to more than $480 million in 2020. Profits have...
Atrys Health Increases Sales Fivefold in the First Half of 2021
Atrys Health presents its financial results for the first six months of 2021 while announcing that it has reached an...
Medical Cannabis To Be Sold Freely in Drugstores across Colombia
The Colombian Association of Cannabis Industries, Asocolcanna, indicated that the potential of this market is great since the country went...
Cannabis2 weeks ago
Malta Might Soon Legalize Private Cannabis Consumption
Featured2 weeks ago
Why an Energy Crunch is Most Likely Coming
Featured2 weeks ago
Small Businesses in Colombia Benefit From the Development of the Fintech Sector
Cannabis2 weeks ago
ArgenCann Will Be Part of Expo Cannabis 2021