Posted 6 months ago | by @devadmin
BTC addresses in profit have hit a new all-time high of 30.4 Million, meaning all those wallets are in the positive as Bitcoin rockets to $13K.
The amount of Bitcoin addresses in profit has hit a new all-time high value of 30,403,795. This is according to data from Glassnode shared via Twitter.
Previous ATH of 30,374,328.292 was observed earlier today
— glassnode alerts (@glassnodealerts) October 21, 2020
It’s still too early to know for sure if Bitcoin is going to develop substantial support within the $12K range, but several factors both technical and fundamental are fueling its rise. Paypal recently announced that it would allow its customers to buy, sell and hold cryptocurrency, as Bitboy Crypto reported.
The feature will roll-out in the next couple of weeks in the U.S. and will follow internationally next year in Q1.
Meanwhile, both Fidelity and JPMorgan have both issued separate reports praising Bitcoin. JPMorgan praised Jack Dorsey for Square’s investment in Bitcoin stating, it’s a “strong vote of confidence” for the cryptocurrency.
Fidelity has bet on a “wave” of people investing in Bitcoin. Fidelity also added that Bitcoin could see its market cap surge to $2 trillion if certain conditions are met. As Bitboy Crypto reported, the Fidelity report indicated that institutional interest could increase Bitcoin’s market capitalization by up to $1.3 trillion by capturing just 10% of investments from the alternative investments and fixed income market valued at $13.4 trillion.
Bitcoin’s rally to $13K is accompanied by soaring volumes across the top Bitcoin futures exchanges with institutional bullish bets on Bitcoin (BTC) futures listed on the Chicago Mercantile Exchange (CME) hitting a new record level last month amid reports that BTC has hit a 16 month low in volatility, as Bitboy Crypto previously reported.
Lower volatility periods usually signal that substantial price movements are coming, both up and down. Institutional investors are betting on the upside, according to a Commitment of Traders (COT) report published by the U.S. Commodity Futures Trading Commission (CFTC) which stated for the week of Oct. 13th, —institutional investors increased long positions by over 9%. This makes the summation of bullish bets to the record high of 3,500 contracts reached in September.
Several veteran traders believe that Bitcoin will see an all-time high of $20K by end of the 2020, these include — Bitazu Capital founding partner Mohit Sorout, former hedge fund billionaire-turned crypto investor, Michael Novogratz, and PlanB, Bitboy Crypto reported.
Bitcoin has broken the important $12k ceiling key resistance in a move that has resulted in a record number of 30.4 million BTC addresses being in profit. Minutes ago Bitcoin broke $13K, which signals that Bitcoin could be getting ready to enter its parabolic bull-market.
Bitcoin’s move above $13,000 is monumental, however, until support is established at $12K the move is meaningless.
Bitcoin is currently trading at [FIAT: $13,036] UP +2.2% in the last 24 hours according to Coingecko at the time of this report.