A relatively small number of Bitcoin wallets holding large amounts of cryptocurrency indicate that we may just be at the beginning of the bull run and not the end. Believe it or not, buying Bitcoin right now, even at the $50,000 mark might still be getting in on the bottom floor.
Ethereum is up 28% compared to Bitcoin’s 3.5% over the last seven days. The price of one Ethereum token now sits just slightly below $1,800 Canadian. Just to put into perspective how much value Ethereum has gained over the last several months, the project has doubled in value in just the last 30 days, rising 111%.
IMF Managing Director Kristalina Georgieva is urging governments around the world to print more money because citizens need to keep spending more and more money in order to save global economies. Georgieva made the statement at Giadar, a Russian economic forum, on Friday.
Michael Novogratz is a Canadian billionaire and founder of Galaxy Digital Holdings, and has always been bullish on Bitcoin. Now Novogratz believes incoming U.S. President Joe Biden is going to send bullish sentiment about cryptocurrencies to the next level. That’s part of the reason he’s predicting a $500,000 Bitcoin price in the near future.
The top 100 wealthiest wallet addresses in the world have accumulated $11 billion USD in Bitcoin in just the last month, according to BitInfoCharts.com. That amounts to a whopping 334,000 bitcoins.
For those new to the market that can’t readily tell the difference between what’s happening now with the Bitcoin price and what happened in the past, this post aims to offer you a side-by-side comparison of the fundamental and technical drivers that saw Bitcoin skyrocket all the way to $21,200 nearly three years ago and again to the $50,000 mark this year.