By Hidayat Sultanli
On Feb 16, 2021
Bull run conveyed by Elon Musk and others continued during the weekend. Bitcoin reached a new ATH price and neared $50,000.
The favorite cryptocurrency of many people, Bitcoin, had one of the massive weekends. Even though Bitcoin dipped to $46,000 on 13th February, it gained momentum and went up more than $49,000. Bitcoin recorded its highest price on 14th February. Bitcoin was traded around $49,700 for a while, according to Bitstamp. This record price did not last long and went down by 3 thousand. At the time of writing, Bitcoin was traded at $47,700. Since the beginning of 2021, Bitcoin improved its price by 64%.
Considering the news regarding Bitcoin, we can guess that the bull run will continue for a long time. Following the Visa card, Mastercard plans to add service to pay with cryptocurrencies in the future if there is a need. They will firstly begin with stablecoins, and then other cryptocurrencies will be supported. Also, earlier this week, Tesla reported that they bought $1.5 billion worth of Bitcoin.
As the price of Bitcoin increases, the transaction volume of Bitcoin increases at the same time. According to the Glassnode, the mean transaction volume (7 days moving average) of Bitcoin just reached its all-time high of $340,557.80 on 14th February. The rising moving average indicates that Bitcoin is in an uptrend. The previous ATH was on 13th February, with an average of $340,277.58.
The latest price increases affected Bitcoin holders from many perspectives. According to the Glassnode, the percent of Bitcoin addresses in profit hit its monthly high level of 99.029%. As a result, 34,361,720.375 Bitcoin addresses are in profit, which is the ATH number. Addresses in profit indicate the amount transferred to address with the lower average value than the current price.
Bullish sentiment is still valid for Bitcoin. Considering the huge demand and those stats, we can guess that the bull-run will not stop anytime soon. Bitcoin was inches away from $50,000, and it can hit during the week.
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