Bitcoin Almost Breaks $30K As BTC Outflows From Coinbase Pro Keep Increasing
At 09:50 UTC on Saturday (January 2), on Coinbase, Bitcoin’s price reached $29,938, which is a new all-time high (ATH), coming within just $62 of breaking the psychologically important$30,000 level.
Currently (as of 10:13 UTC on January 2), Bitcoin is trading at $29,751, up 1.41% in the past 24-hour period and up 2.85% in 2021.
According to data by CryptoCompare, Bitcoin’s market cap is roughly $553 billion at the moment.
Here are a few interesting Bitcoin metrics by crypto analytics firm IntoTheBlock:
On Thursday (December 31), the day that Bitcoin managed to get as high as around $29,300, Cameron Winklevoss, Co-Founder and President of crypto exchange Gemini, said that it was time for Bitcoin to break the $30,000 level, and as we have seen so far today, it looks like Bitcoin is very close to doing just that.
Later that, Michael Saylor, Co-Founder, Chairman, and CEO of Nasdaq-listed business intelligence company MicroStrategy Inc., compared being a Bitcoiner to having a place to live in a super exclusive city in cyberspace.
Popular crypto analyst and trader Alex Krüger explained yesterday (January 1) why he believes that it is inevitable that the world’s major central banks will eventually hold BTC as a reserve asset.
On the same day, Ryan Selkis, Co-Founder and CEO of Messari, said that he believes now that Bitcoin is almost at $30K, the idea of the Bitcoin price one day reaching $1 million seems a lot more feasible than the idea of the Bitcoin price reaching $30K back in those days when the price was $1000.
In case you are are wondering why the Bitcoin price keeps going up, despite the price setting new all-time highs almost every day, Ki Young Ju, the CEO of South Korean blockchain analytics startup CryptoQuant, seems to believe that it could be due to continual BTC accumulation via OTC desks.
As the CryptoQuant CEO explained on December 18, although it is not possible to get reliable transaction data from OTC desks, we can use on-chain metrics, such as BTC outflows from Coinbase Pro, to estimate OTC deals.
Featured Image by “SnapLaunch” via Pixabay.com
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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