On November 18th, Bitcoin hit a 3 year high, and an all-time high by market capitalization of over $333 Billion, to a previous 2017 high of $323 Billion. But what has propelled the price forward with such unstoppable momentum?
Let’s address the many co-contributing factors. Firstly, institutional growth. Grayscale announced that its Bitcoin holdings surged 56% in the past month, with now over $10 Billion of assets under management, with its Bitcoin Trust representing over $9 Billion (DeCrypt). This is in addition to public companies adding Bitcoin to their balance sheet, and many speculative institutions acquiring Bitcoin behind the scenes.
Retail growth has also been skyrocketing. During Bitcoin market spikes, new Bitcoin address generation has propelled to over 25,000 new addresses an hour. A record not seen since right before it hit its all-time high of $20k (CoinTelegraph). While the retail FOMO has started, and platforms like Voyager are witnessing major growth, major news coverage and social media trends are still low.
Pointing that retail FOMO will likely really kick in once Bitcoin shatters its previous all-time high, which after that, the sky's the limit. It won’t be long until your distant aunt messages you on Facebook asking how to buy Bitcoin.
Billionaires have also been joining the chat. Not to be outdone by Michael Saylor, Mexico’s third-richest person, Ricardo Salinas Pliego, who has amassed an $11.8 billion fortune, said that 10% of his liquid portfolio is invested in the digital asset (Bloomberg).
Many think that the recent bust on high-leverage platforms such as Bitmex has helped stabilize the market from cascading multi-billion dollar sell-offs. In addition, there has been news of a supply crunch being caused by Chinese miners who are struggling to sell their mined Bitcoin due to recent restrictions and clampdowns on exchanges and OTC desks within the country (Coindesk).
Jay Clayton, Chairman of the SEC, affirmed this week that they see Bitcoin as a payment mechanism and store of value ( U.Today). Whales and retail investors alike are investing in Bitcoin as the ultimate hedge, and with every dip being bought up, one can only guess how far the Bitcoin blast off will take us!
Top Market Movers
- Yearn.Finance (YFI) +63.6%
- Litecoin (LTC) +29.9%
- Ripple (XRP) +21.4%
- Polkadot (DOT) +17.9%
Inside Crypto: Ocean Protocol
Have you read our latest blog post, Inside Crypto: Ocean Protocol, yet?
Ocean Protocol is working to help lead off a new Data Economy that “touches every single person, company and device, giving power back to data owners, enabling people to reap value from data to better our world.” To do so, they are bringing together a multifaceted platform composed of decentralized blockchain technology, a data-sharing framework, an ecosystem for data, and more.
To learn more about the Ocean Protocol project, including the exciting release of Ocean V3, which brings Ocean Market & the use of datatokens to users, check out the full blog: Inside Ocean: A New Data Economy for All
The Golden Record Broadcast – Episode 3 Coming Soon!
It’s official, our next episode of The Golden Record Broadcast will be taking place LIVE on December 3rd at 12 PM EST!
Join our hosts Charlie Shrem and CEO Steve Ehrlich as they answer all your pressing questions, especially about the recent rise in Bitcoin and our upcoming Token Swap.
As always, we want you to be a part of the conversation! Make sure to leave us a comment with all of your questions on any of our social posts – Twitter or Instagram – and don’t forget to use #TheGoldenRecord.
Cointelegraph > "Not just Wall Street: Quant trader explains why Bitcoin price is going up"
Coindesk > "Deutsche Bank Says Investors Increasingly Prefer Bitcoin Over Gold as Inflation Hedge”
Decrypt >“What Stops the Fed From Buying Up Bitcoin?”
CryptoPotato > “Bitcoin Is Not Jamie Dimon’s Cup Of Tea But Is There More To The Story?”