Here Comes Smashing All-Time High The Crypto Assets, As Bitcoin Touches $18K, As Well As ETH Price Could Spike 20x
Get the details of the current pricing of bitcoin. Is Ethereum posing a threat to bitcoin? What are the observations of industry experts?
All-Time High Of Bitcoin Price
The price of bitcoin has been coasting along at levels not seen since the decentralised currency’s all-time high three years ago in 2017, on Wednesday, November 18, 2020. Currently hovering at around $334 billion today is the cryptocurrency’s market capitalisation is. More than it was when bitcoin touched $19,600 per coin, was the daily rate of bitcoin issuance during the last three years making the overall market valuation higher.
As the crypto asset has climbed a whopping 54% during the last 30 days, earlier this morning, bitcoin has surpassed the $18k per unit price zone. Over the last 12 months against USD, the cryptocurrency is up a massive 123% to-date as, during the last 90 days against the US dollar, BTC is up 53%.
BTC’s market cap is higher today than it was on December 17, 2017, as three years ago, bitcoin touched an all-time high of $19,600 on Bitstamp, whereas because of the three years of bitcoin issuance from miners. As it has surpassed stocks, equities, commodities, and nearly every asset under the sun, today, bitcoin is undoubtedly the best financial vehicle during the last decade.
A single BTC was swapping for $0.08 per unit, for example, 12 years ago back in July 2010. The crypto asset has increased in value by over 22 million percent since 2010, as this means with BTC above the $18k handle or just below. In 2015 the price of BTC was swapping between $200-300 per coin if a person waited even five years later. With BTC exchange rates at the $18k mark, an investment in bitcoin at this level in 2015 would thereby give an investor 7,100%.
Any person with a touch over 55 BTC has crossed the millionaire zone as data shows that at the current price levels. With 2.3 million unique addresses with 0.1 to 1 BTC each, statistics show that there are 664,900 unique addresses with anywhere between 1-10 BTC. 25,810 unique addresses own a million dollars’ worth of bitcoin, as stats from bitinfocharts.com also indicates. 3,442 addresses contain $10 million in BTC today as well beyond those million-dollar whales.
Inflation Rates Of Crypto Assets
The crypto assets inflation rate or rate of issuance continues to drop lower as meanwhile, bitcoin continues to grow in value. Satoshi’s system is predictable and mathematically secure unlike Jerome Powell the Federal Reserve Chair who noted the US central bank would let inflation run hotter than usual.
Here are a few lenient counties that reference rates as high as 4% worldwide most central banks claim the financial institutions keeping the inflation rate target around 2%. shadowstats.com statistics reveal the real rate could be as high as 10% as even though central banks claim 2% is the reference mark globally.
The decentralised currency’s inflation rate was hovering around 3.86% on February 24, 2020, just before the third BTC reward halving. Continuing to sink as the current bitcoin inflation rate is only 2.71% at the time of publication today, the metric is a lot lower.
The crypto asset analyst from Etoro, Simon Peters said that bitcoin will now be setting its sights on an all-time high of $20,000 in a note to investors after BTC busted through the $18k zone.
On Wednesday morning, Peters wrote, showing how far bitcoin has come, three years on as there are a whole host of factors contributing to the current price rise including a massive influx of investors from large-scale institutions such as listed investment trusts, pension schemes, and university endowments funds. Also reporting strong signals that justify the recent price rises are data sets that analyse the health of bitcoin by looking at data from the blockchain, the technology underpinning crypto.
Adding to this was the digital currency analyst saying:
Clearly, the next target for bitcoin is the $20,000 level. We are into uncharted territory as sentiment remains positive should we surpass that this year, which he believes is possible. Meaning that we can say with some trepidation this time is different as Bitcoin’s maturity is evidenced by the diversity of its investors and extensive and wide-ranging data sets.
The Final Thoughts
This week crypto proponents have been wondering whether or not an altcoin season is coming around the bend with bitcoin prices riding so high. It doesn’t seem to be the case at least for now so far with BTC’s dominance levels at 68.7%.
As the second-largest blockchain in terms of market cap, Ethereum, however, a few notable altcoins are moving northbound in value too. Believing at some point ETH prices could top $10k per coin, is the popular cryptocurrency analyst on Twitter called @intocryptoverse.
On Twitter, the trader predicted that they will then peak at approximately 1000% above the fair value in a few years if ETH continues in this manner and is one market cycle behind bitcoin. This could put a theoretical peak just shy of a modest $10k per ETH, if this happens in say, 2023, as concluded by @intocryptoverse.