Amid the cryptocurrency’s new big bullish rally, Bitcoin’s top metrics have been hitting all-time highs.
This has been Bitcoin’s best moment in years. When the price of the cryptocurrency is about to reach its highest all-time high, its top metrics are reaching record figures. Along with its price, the adoption of the cryptocurrency has been growing. This is a sign that this new big bullish rally is much more organic and sustainable than the one in 2017.
Market Capitalization
Bitcoin’s market capitalization is one of the top metrics that have hit all-time highs during this bullish rally. Its price has not yet reached its highest all-time high, but there are currently many more bitcoins on the market than during the last bullish rally, thanks to the users mining the cryptocurrency.
This has allowed BTC to achieve the largest market capitalization in its history. At the time of writing this article, the pioneering cryptocurrency reached USD 349,821,285,756, well above the USD 326,501 million that it had made in 2017.
Institutional Investors’ Participation
The massive participation of institutional investors is a big difference between this big bullish rally and the one in 2017. The principal boost for the price of Bitcoin came from small private investors and speculators in 2017. However, this time, large companies and investment firms are monitoring demand.
Grayscale, a firm that offers its institutional customers to serve as an intermediary between them and the crypto world, is the principal example of this. The company acquires and stores the cryptocurrencies that large investment firms wish to buy, thus saving them the hassle of managing directly their Bitcoin. The amount of Bitcoin that Grayscale has in custody exceeds the record figure of 500,000 BTC.
Addresses with USD 10 or More
The number of unique Bitcoin addresses with a balance of USD 10 or more is another metric that has hit all-time highs. The radical increase in the value of Bitcoin also occurs to that of the BTC saved in different addresses. So if someone had just over USD 5 worth of Bitcoin when the rally started, they would now have over USD 10.
New investors have massively entered the market due to a phenomenon known as FOMO (fear of missing out), which has also contributed to the increase in this figure. This momentum has led to a growing number of people to enter the crypto market to take advantage of the profits that the bullish rally generates before it is too late. Currently, the number of addresses with USD 10 or more is 18.32 million.
Number of BTC Addresses
The number of existing Bitcoin addresses on the cryptocurrency blockchain has also increased significantly, according to data from Glassnode. Right now, there is a record figure of 722 million unique addresses.
This is very important when it comes to the massification and popularity of Bitcoin. Although not all of these accounts are active, their number reflects the general public’s interest in the cryptocurrency. This bodes well for the future of BTC usability.
Payments in Bitcoin
The goal of Bitcoin is to become a currency that can compete with fiat money, not simply a speculative financial asset. To do this, it is necessary to talk about payments in Bitcoin, especially the volume of payments in BTC that users make in the United States.
The value of the operations that users execute through Silvergate allows knowing this figure. This famous American bank offers mechanisms to execute payments in cryptocurrencies to traders. In this sense, the Silvergate system has reached the record figure of USD 68.36 million in operations in Bitcoin.
By Willmen Blanco
