Bitcoin on rampage, now worth over N10 million

The world’s most popular crypto, Bitcoin, is having a bullish run not seen in recent times, particularly at the near end of 2020.

The most popular cryptocurrency smashed higher than $25,000 yesterday night for the first time, and set a new all-time high of $26,368.16 (N10,283,520) a few hours ago, before pulling back to $26,246.72, up 7.39% on the day.Year-to-date the flagship crypto has gained more than 250%.

What this means

Institutional investors are perceived to be driving Bitcoin’s bullish record-setting run. Amongst them; Anthony Scaramucci’s SkybridgeCapital ($25 million in December); Mass Mutual ($100 million in December); and Guggenheim (up to 10% of its $5 billion macro funds).

Bitcoin is fired up on all cylinders, smashing its past record highs at the speed of light, and it seems the momentum trade is strengthening as mass media outlets embrace crypto coverage, on the bias that the flagship crypto rallied to an all-time high today, as it broke above the $26,000 level.

Also, the flagship crypto is on its record high amid strong purchases seen in accredited investors gaining more exposure to Bitcoin through the world’s biggest crypto hedge fund, Grayscale, and the CME Bitcoin futures market.

Still, in the short term global investors, crypto experts anticipate that Bitcoin’s trajectory remains optimistic.

Meanwhile, it seems a significant amount of Bitcoin owners are keeping the world’s most popular crypto for wealth preservation rather than as a utility tool, as data retrieved from Glassnode, revealed Bitcoin Percent Supply Last Active 1+ Years just reached a 7-month low of 59.601%. This means,Bitcoin is becoming scarce. This is partly why the price keeps increasing.The previous 7-month low of 59.603% was observed on 24 December 2020.

Metric description: The percent of circulating supply that has not moved in at least 1 year.