According to news on October 23, according to foreign media reports, data showed that after Bitcoin broke through $12,000, its price briefly broke through $13,000 on the morning of October 22, reaching a maximum of $13,198 and then temporarily fell back.
This is also the first time Bitcoin has broken the $13,000 mark since June 2019. Prices have risen by more than 7% in the past 24 hours.
So what makes the cryptocurrency soar in recent days?
The direct reason for the rise of Bitcoin has to be mentioned. Recently, major technology giants around the world have joined the game, such as MircoStrategy, Square, Grayscale, Galaxy Digital, Stone Ridge, etc. Funds from traditional financial markets are accelerating their access to Bitcoin. Currency market. In particular, the US payment giant PayPal recently announced that it will open the news of Bitcoin purchase services . PayPal hopes that the cryptocurrency service will encourage the use of cryptocurrencies on a global scale and prepare for new digital currencies developed by central banks and companies.
Due to its huge market share and significant influence, the launch of cryptocurrency trading services is of great significance. It will not only increase people’s awareness and adoption of cryptocurrencies, but will also affect the scale and coverage of the crypto market in the future.
The participation of mainstream investment institutions and companies will greatly enhance the buying confidence in the Bitcoin market. The data shows that the number of Bitcoin HODLer is increasing. (“HODLers” is a deliberate miswriting of the word “hold”, referring to people who are unwilling to sell cryptocurrencies at lower prices.)
Addresses with at least 0.1 Bitcoin also exceeded the highest level in history. According to data from Glassnode, as of October 21, there are 3,160,057 addresses holding at least 0.1 bitcoin (a historical record of 3,159,231), and the number of addresses holding more than 100 bitcoins (currently $1.188 billion) has reached six There are 16159 monthly highs.
It can be seen that the recent rise in the market has attracted a group of new investors to enter. Pedro Febrero, an analyst in quantum economics, said that the more buyers, the more opportunities for bitcoin prices to rise. Big. At the same time, he warned not to blindly infer the relationship between the price of Bitcoin and the number of addresses holding a large amount of Bitcoin. In the medium to long term, as the price rises, Bitcoin will increasingly be redistributed among low-value addresses.
For more such interesting article like this, app/softwares, games, Gadget Reviews, comparisons, troubleshooting guides, listicles, and tips & tricks related to Windows, Android, iOS, and macOS, follow us on Google News, Facebook, Instagram, Twitter, YouTube, and Pinterest.