Dec 30, 2020
Bitcoin continues its successful rally by setting new ATH. Bitcoin can reach a psychologically high-level at the end of 2020.
BTC opens the day with the new all-time high price of $28,600. Before that, the all-time high for Bitcoin was $28,400. Closing to the end of the year, the bullish run of Bitcoin has been impressive. It surges to new high prices each day- 25k on 25th, 26k on 26th, 27k on 27th December. The psychological peak of Bitcoin could be $30,000 at the end of the year, which is not much away.
Bitcoin became stronger after institutional companies joined the “bitcoin rush.” MicroStrategy and other investment custody companies such as Grayscale contributed to the price increase in Bitcoin by creating a reliable investment image in Bitcoin.
Dan Tapiero, the co-founder of DTAP Capital, commented about the bullish run of Bitcoin and the “vision of Bitcoiners” on Twitter. He mentions the milestones for Bitcoin that may play a crucial role in the future of Bitcoin.
“A Bitcoiners vision of Heaven. Next milestone for Bitcoin at 53k or when market valuation hits $1 trillion. Institutional adoption in the first inning. At 1 trillion, every investment committee will need to have a discussion. Expect liquidity to become more important than privacy.”
As Dan Tapiero mentioned about the liquidity, Glassnode Insights published an article about the liquidity of Bitcoin. The author of the article, Rafael Schultze-Kraft, revealed new facts about liquidity. They find out that at the time of writing, Bitcoin had an illiquid supply of 14.5 billion BTC, a liquid supply of 1.2 million BTC, and a highly liquid supply of 3 million BTC. “That means that around 78% of the circulating Bitcoin supply is considered illiquid.” The graph displays the positive relationship between the price and the illiquidity of Bitcoin. As the price increase illiquidity increase.
Besides the price of bitcoin, the market capitalization increases as well. According to the CoinMarketCap, the market capitalization of Bitcoin surpassed $500 billion, and now it is $529 billion today. If we consider the $751 billion total market capitalization of cryptos, we can conclude that Bitcoin has significant market power in cryptocurrencies. According to TradingView, the market dominance of Bitcoin is 70.8%. Only in September of the last year, Bitcoin experienced this high market dominance. It is sure to increase if the bullish run continues and the Bitcoin attracts more and more investors.
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