The price of Bitcoin (BTC) is setting new records in almost every way, with the exception of the USD spot price, says a new bulletin, concluding that 2020 is not like the 2017 rally.
In a blog post on November 17th Nic Carter, co-founder of the statistics resource CoinMetrics, highlighted nine charts that are taller than ever as of this week.
Ten graphics highlight “significant improvements”
From wallet balances in excess of $ 10 to institutional holdings and even spot prices of bitcoin in various fiat currencies, data shows that bitcoin is reaching an all-time high.
“In summary, the current market is much more mature, financial, cautious, orderly, restricted, less thoughtful, more capital efficient and more liquid than the market that drove the previous upward trend in 2017,” he summarized Swamp.
“In these nine charts, I’ve covered a number of factors that have seen significant improvements when we compare the current market environment with the upward trend in the past.”
Plan B, Creator of the Stock-to-Flow Bitcoin Pricing Models, provided another metric: Bitcoin’s 200-week fundamental moving average.
All serve to differentiate the Bitcoin of 2020 from that of three years ago. when fervent weeks at the end of the fourth quarter produced fleeting record spikes near $ 20,000.
As Cointelegraph reported, the past few days have spawned another round of bullish price predictions from known sources claiming that $ 20,000 will not serve as a cap this time around and that a break-up will continue the uptrend.
By 2021, companies from crypto investors to traditional banks have set sky-high price targets, including Citibank’s stake of $ 318,000 by the end of the year.
“The fascination has disappeared,” said one analyst
However, not everyone is that optimistic. Even when $ 18,000 came true this week, a strategist told mainstream media that the lack of advertising Bitcoin is receiving is evidence that interest has died.
“The fascination with it has waned,” Kathy Jones, chief fixed income strategist at the Schwab Center for Financial Research, told Bloomberg.
“They have the hardcore ‘I’m a cryptocurrency investor’ pile, but it hasn’t really expanded because it was very volatile, there were a lot of questions about security and what the regulations could do. The number of questions I get now is a fraction of what I got a few years ago when there was a lot of ignorance. “
The outlook highlights the gap between those inside and outside the cryptosphere. The latter were still convinced that 2017 was the peak of Bitcoin’s “craze”.
“The $ 20,000 level is clearly the next target for Bitcoin. If we can do what I think is possible this year, we will be on uncharted territory as the mood remains positive. “Simon Peters, crypto asset analyst at multi-asset investment platform eToro, told Cointelegraph.
“Bitcoin’s maturity, as reflected in the diversity of its investors and the extensive, powerful dataset, means that we can say with some concern, ‘This time it will be different.”