Crypto News Blocks

Why The Current Bitcoin Rally Is Different From 2017

  • Bitcoin is setting new records in almost all aspects except USD spot price, which suggests that the current rally is not like the bull run of 2017.
  • Nic Carter, co-founder of statistics resource CoinMetrics, shared nine charts that prove this theory. From wallet balances over $10 to institutional holdings and even Bitcoin spot prices in various fiat currencies, the data shows that Bitcoin is outperforming on a historic level.
  • PlanB, creator of the stock-to-flow Bitcoin price models, supplied one more metric — Bitcoin’s fundamental 200-week moving average.
  • The past few days has produced a fresh round of bullish price predictions from well-known sources who claim that $20,000 will not act as a ceiling this time around. Citibank, for example, believes the price of Bitcoin will reach $318,000 by the end of 2021.
  • Not everyone is sold on Bitcoin’s latest surge, however. One strategist believes the lack of publicity the digital asset is getting is proof that interest has waned.
  • The perspective underscores the divide between those within the cryptocurrency sphere and those outside it.
  • Read the full story here.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

0 Comments
Inline Feedbacks
View all comments

Related Crypto News

Justice Department extradites alleged BTC mining Ponzi operator from Panama
AirBit Club’s leadership has been gathered in New York City and will face charges for stealing “membership dues” to...
Can DeFi indices finally make crypto-based passive investing worthwhile?
The concept of a DeFi ETF sounds promising, but it’s not without pitfalls. Index investing in the stock market...
Bitcoin theft is likely to surge in meager post-COVID economy: report
Cybercriminals may favor a different cryptocurrency in the coming months, however. Cryptocurrency-related fraud and theft are likely to grow...
Bitcoin Explodes to Fresh All-Time High; Here’s What Could Come Next
Following what is described as an “epic bear trap” to $16,400, Bitcoin has officially set a fresh all-time high....
XRP price now eyeing $1.00 after key support level holds, BTC price soars
XRP price must break a key resistance level before $1.00 becomes a real possibility. While Bitcoin (BTC) is facing...
Bitcoin Crushes Previous All-Time Price Highs Surpassing 2017’s Bull Run
Digital currency markets are on a tear this week, as a myriad of crypto assets have seen enormous gains...

Featured Crypto News

Bitcoin Begins to Correct Below $17,000: Where Traders Say BTC is Heading
The price of Bitcoin has begun its correction below $17,000, resuming the bearish downtrend from yesterday. Traders have mixed...
Wallets with less than 1 BTC account for just 5% of Bitcoin’s market cap
With the number of “wholecoiner” Bitcoin wallets holding at least 1 BTC increasing every year, the remaining addresses represent...
Stack Funds hails Bitcoin's 'healthy correction' predicts ‘euphoria’ ahead
Bitcoin could surge towards $100,000 next year following yesterday’s “healthy pullback”, with market psychology currently in the “belief” stage...
Bitcoin Indicator Reaches Historical Extreme: Price Sheds Two Thirds Upon Reversal
Bitcoin price this week reached a high of $19,500, following a six-week, 60% rally. From the moment the first-ever...
Record $7.4B Bitcoin futures open interest shows pros still expect $20K BTC
Bitcoin price fell short of reaching $20,000, but record high open interest on BTC futures shows pros are still...
Mike Novogratz: Everyone Should Put 2% to 3% of Their Net Worth in Bitcoin
Bitcoin bull and Galaxy Digital CEO, Mike Novogratz, says bitcoin is for everyone. He argues that those committing 2%...