Bitcoin Is Closing in On a Ten-Year High

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Bitcoin Is Closing in On a Ten-Year High

Bitcoin Is Closing in On a Ten-Year High

Bitcoin(BTC) is one day away from breaking a nearly 10-year-old record, and Ethereum could reach a significant milestone by the second quarter.

Moreover, the world’s biggest cryptocurrency is one day away from matching its historic 15-day winning streak if the positive move continues.

Bitcoin experienced consistent positive price movement for 15 days in November 2013, the longest such streak in its history.

Today is day 14 of BTC’s winning streak, hitting four-month highs.

With one more day of price increases, the index will match its 2013 streak. If Bitcoin gains another day, it will set a new all-time high with a 16-day winning streak.

It’s not the only bullish indicator breaking new ground. Given the current number of wallet addresses and the metric’s historical growth rate, Ethereum addresses holding at least some Ether will soon pass the 100M mark.

Glassnode, a crypto analytics firm, announced on January 16 that non-zero ETH addresses had reached an all-time high of nearly 92.5M.

Ethereum wallets Could Reach 100 Million

Ethereum is only 7.5M non-zero addresses away from the 100M mark.

Since 2019, the figure has increased by approximately 20M per year. If this trend continues, non-zero ETH wallets could reach 100M by the second quarter of 2023.

The most accepting cryptocurrency industry was e-commerce, followed by the travel industry.

Microsoft, the world’s largest company by market capitalization, was the first to accept cryptocurrency. However, not everything was upbeat. Wrapped Bitcoin (WBTC), a tokenized and 1:1 backed version of BTC on the ETH blockchain, experienced a 35% drop since May.

Glassnode revealed the May 2022 all-time high of 285,000 WBTC on Ethereum in a tweet on January 17, just before the price collapse of TerraLunaClassic (LUNC) and its paired algorithmic stablecoin TerraClassicUSD (USTC).

The bullish sentiment has spread to other crypto-related assets. This month, the second most traded cryptocurrency has risen 31% to more than $1,575. The token allows programmers to code functions to buy and sell assets automatically. Hence, it is a building block for crypto projects.

The post Bitcoin Is Closing in On a Ten-Year High appeared first on FinanceBrokerage.

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