Bitcoin Records a New All-Time High past $68K
The price of Bitcoin, the world’s top cryptocurrency, reached another all-time high on Tuesday morning. Shooting past the $68,000 mark taking hold of its momentum, the top asset recorded $68,530.34 according to CoinMarketCap data.
The crypto markets are in the middle of a huge bull run, which kicked of early October reaching an all time high over $67,000. Since then, $1 trillion in market capitalization was added for a total of $2.93 trillion at the time of writing. Bitcoin currently holds $1.28 trillion.
Bitcoin’s latest run to new heights is characterized by large holders increasing their holdings over last few months. Bitcoin’s inactive supplies surged to a record high of 85% over the last 90 days, an indication that ‘holders’ are anticipating better prices.
The ‘hodling’ is also backed by Glassnode’s latest report. The on-chain analytics provider stated in its “The Week Onchain Report” issued on Monday November 8 that “investors are just not spending their coins.”
The report shows that “long-term holders”, those that haven’t moved their coins in the last 12 months, have continued accumulating. In addition, the decreasing share of Bitcoin supply held on cryptocurrency exchanges, is another powerful signal.
Glassnode further shows that the total number of unique wallets with a balance rose to nearly 39 million, as many are fleeing to Bitcoin as a safe store of value amidst inflation concerns. Bitcoin miners are also back up and running again. Bitcoin mining hashrate, the measure of the total computational power used to secure the Bitcoin blockchain, is expected to return new all-time highs in December, after it went down in July following China’s crackdown on crypto.
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Author: Peter Siu