Bitcoin continues to rise after falling in September. The Independent reports.
This week, Bitcoin returned to above $ 50,000. Also, other cryptocurrencies – Ethereum, Binance Coin and dogecoin – have grown by about 15-30%. Now the total cryptocurrency market is estimated at almost 2.2 trillion dollars – 15% more than in early October.
“After a bad September, some analysts predict a strong end to 2021. One model of price forecasting, which proved to be extremely accurate in August and September, leads Bitcoin to reach six-digit numbers before Christmas, although there are some caveats,” the report said.
A key indicator for assessing price movements is the supply of Bitcoin held by long-term owners. Of the 18.78 million Bitcoins that now exist, 13 million – or 69% of them – now belong to people who have held them for 12 months or longer.
“Tracking this metric is important because it clearly highlights limited supply periods, which often correlate strongly with significant future price increases,” said Will Hamilton, head of trading and research at digital asset management company TCM Capital.
Today, the value of Bitcoin has risen to $ 54,553, according to CoinDesk.
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