Crypto investors were left cashing in big time, as the most popular crypto rallied to record highs more than 25 times in a few days.
Bitcoin is presently running faster than “186,282 miles per second”(speed of light in vacuum) as it smashes its previous all-time highs at a pace not seen in the modern era.
The flagship crypto within moments rallied to set a new all-time high at $29,267.
What this means: Crypto investors were left cashing in big time, as the most popular crypto rallied to record highs more than 25 times in a few days.
* Crypto fans cheered it as an inflation hedge in an era of unprecedented amounts of quantitative easing triggered by many central banks globally.
* Also, leading household names in finance including Paul Tudor Jones and Stanley Druckenmiller endorsed it as an alternative asset, adding to the rally.
* Not forgetting listed U.S brands like MicroStrategy Inc. and Square Inc. that moved their cash reserves into crypto in search of better returns than what near-zero interest rates deliver.
Also, a top crypto strategist, Rafael Schultze-Kraft in a detailed diagram revealed why the odds are still with the flagship crypto, taking into account it’s becoming pretty scarce and investors are not willing to sell relatively;
* Liquidity getting squashed, investors hoarding, accessible BTC becoming scarcer.
* 1 million Bitcoin has become illiquid this year, i.e. are held by entities that spend < 25% of coins they receive.
* Less Bitcoin for you to buy.
* Bullish.
Sequel to this feat, Bitcoin had earlier attempted to break above the $28,500, but after rallying to $28,600 the price rejected with a price correction to $27,300.
That said, the bulls had enough gas amid an era of inflationary measures in play, in breaking all resistance price levels as it presently stays between the striking distance of $30,000
Gemini exchange co-founder and leading bitcoin investor, Cameron Winklevoss via his Twitter feed spoke on bitcoin’s recent feat saying;
“Bitcoin is about to take out another major psychological barrier at 30K”.
Credit: Nairametrics