Anyone who invests money in cryptocurrencies certainly should take a look at the current Bitcoin price. The most famous and largest cryptocurrency in the world by market cap is about to hit a new all-time high. But when can investors finally experience the next Bitcoin all-time high? We take a look at BTC statistical data and analyze which current data attests to a new Bitcoin all-time high. Let’s get started!
BTC All-Time High: Fundamental Data
Bitcoin has been in a true bull market since it hit its low in the middle of the Coronavirus pandemic. But after BTC surpassed the $10,000 mark several times in June and July, the general sentiment was change by the end of July. Since then, Bitcoin has remained constant at $10,000. Accordingly, BTC never broke this mark in the downtrend. Since October 8, the Bitcoin rate has only known one direction — a rapid increase.
While BTC was still trading at $10,562.92 on October 8, the price was about to rise sharply in the following weeks. The price increases in the coming weeks were still comparatively insignificant. After all, BTC gained around $1,000 in value in the following 10 days. As of October 22, the coin was already trading at more than $13,000.
But the real bull cycle wasn’t about to start until November. While investors were still able to invest in BTC for $13,800 at the beginning of the month, the coin was already trading near a new all-time high on November 24th. With a price of $19,279.36 on November 24, most investors were already convinced that Bitcoin would break its previous price record. However, it wasn’t enough to set a record. Instead, the rate was corrected to $16,370 on November 26th. But when many investors believed the rally had come to an end, Bitcoin started to rise sharply. By November 30, Bitcoin reached a new all-time high of $19,656.41 — the next Bitcoin all-time high was about to come.
Why Bitcoin Is Popular Today: Key Reasons
Investors who see Bitcoin as pure speculation have to face strong fundamental arguments. Today, Bitcoin is much stronger than it was at the all-time high in 2017. On December 17th, BTC broke the $20,000 mark for the first time. The exchange rate of $20,052.58 at the time represents an all-time high of the popular coin to this day.
After the rapid price rally, which was especially driven by hype, a long-lasting consolidation followed. Meanwhile, BTC was trading at around $4,000. At the current time, the market seems more stable, and today’s investors have more experience with cryptocurrencies. In addition, a general interest in Bitcoin has also increased. In addition to private investors, institutional investors are now also participating in the market.
The institutional interest is probably one of the reasons why the Bitcoin price is increasing in value at its current pace. For example, Square Inc. has invested a significant part of its total assets in BTC in the recent past. PayPal, one of the most popular payment service providers in the world, has now also entered the crypto market.
In the USA, PayPal already enables its customers to buy and sell cryptocurrencies. In addition, PayPal users can use these digital currencies in online trading. Today, more and more banks are sharing positive forecasts for the BTC price development in the coming years. Well-known investors like Grayscale and Paul Tudor still see Bitcoin in the early stages of a large bull cycle.
Additionally, the general trading opportunities for cryptocurrencies have greatly improved. There are many ways to trade cryptocurrencies today. In addition to crypto exchanges, crypto brokers have also established themselves and greatly expanded their range. Those who want to buy Bitcoin today will find easy and safe ways to do so.
Bitcoin Trading Volume at All-Time High
Another noticeable issue in relation to the approaching Bitcoin all-time high and strong price fluctuations concerns trading volumes. Bitcoin only hit a new 6-month high in aggregate daily trading volume just last week. Within 24 hours, the trading volume on the eight leading exchanges exceeded the $2 billion mark.
A direct comparison of the October and November volumes also provides a clear picture. There was an increase of 124% compared to the previous month. Another sign of the rapidly increasing interest in BTC is the Coinbase app ranking on the App Store — for the first time, Coinbase was among the 100 most popular apps.
Of course, we can also take a look at the general behavior of trading volume during the Bitcoin bull market. Here, especially at the height of the bull market, it’s quite clear that trading volume regularly reaches new record levels.
At the last all-time high, the daily trading volume was $15 billion. However, this wasn’t a record. Rather, the high at that time was $23.9 billion which was achieved on January 6 with the short-term price recovery.
In the past few weeks, the trading volume has been closely linked to the BTC rate. Trading volume rose to more than $60 billion, especially against the backdrop of the short-term correction. On November 27, when Bitcoin started a short-term recovery, trading volume jumped to $62.6 billion. At the end of the month, at the highest Bitcoin price since 2018, the trading volume was around $45 billion. As the exchange rate history shows, particularly high BTC trading volumes can be observed before and after the new all-time high has been reached.
Conclusion: A New BTC All-Time High Is About to Come
Based on the experience of the last Bitcoin bull market, it can be said that reaching a new all-time high is just a matter of time. The rate development as well as the trading volume seem very promising from a purely technical point of view.
In addition, a stronger BTC fundamental data also attests to this point. One of the most important reasons for the increase is the best trading opportunities in the market in general and a strong increase in demand from professional investors.
However, it’s necessary to note that a BTC bull market usually lasts for several months. Historically, Bitcoin was able to reach its previous all-time high at the beginning of a bull market and then surpass it many times over. It remains to be seen whether we will experience further market development in the coming months.
What do you guys think? Feel free to share your opinion in the comments!
Leave a Reply