The odds are heavily in favor of the world’s most popular crypto, Bitcoin, at least for the past decade or so.
- Data retrieved from a well-known crypto custodian company Block chain showed how Bitcoin from $ 0.06 in September 2010 exploded to its current price of around $ 22,700, which is an increase of over 37,833,333% in the space of 10 years.
- Moreover, the same cannot be said of its top performing competitors, which included the yellow metal and the S&P 500, which climbed 103% and 240% respectively on the same stretch.
- At the time of writing, the most profitable financial asset was trading at $ 22,742.43 with a daily trading volume of $ 48,599,481,382.
- However, Bitcoin is down 4.33% for the day. The current market value stands at $ 422 billion.
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Why it matters
The flagship crypto seems to work on many mainstream macros, not to mention that the general economic law states that when demand is high and supply is limited, the prices of these products usually increase.
Bitcoin has established a robust support level at $ 22,000. It should also be noted in recent years that Bitcoin holders refuse to sell and instead use it for the preservation of wealth.
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Will bitcoin rise further?
- It is essential to note that BTC has a circulating supply of 19 million coins and a maximum supply of 21 million coins, which means that there are only around 2 million left to be mined.
- Taking into account that approximately 4 million Bitcoins have been lost forever due to the death of BTC owners and the inability of their loved ones to access these cryptos; it is fair to say that there are currently only around 15 million BTC in circulation to meet the needs of over 7 billion people who are fighting to have a stake in Bitcoin. This means that as BTC becomes scarce and more popular, it becomes a matter of time for the valuation of crypto assets to peak.
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What does that mean
Nairametrics a few months ago revealed how the world’s flagship crypto continues to gain ground at the speed of light. Well-known financial data media company Bloomberg Intelligence has explained why bitcoin, in just five years, could reach a valuation of $ 100,000.
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