So Bitcoin just hit a new record. There’s not much else to say or talk about this morning.
It’s both been a very long and very short wait, relative to any other tradable asset out there. Since the Bitcoin whitepaper in late 2008 and the first transactions in early 2009, the digital currency has been rising at an insane pace. Since 2017 and the highs of $19,511, markets trended in a dramatic fashion to the 3K’s and back up to the 14K’s then back down again to the 4–5K’s, only to now rally back to the 19K’s and touch upon $19,857.
Unsurprisingly, 100% of the circulating BTC supply is now in profit.
It’s been a wild ride, but we’re now in a zone of unexplored prices, with an investor base very different from the one before. The number of institutions commenting or actually allocating funds to cryptocurrencies this year alone is truly astounding to me. This is just the beginning, of course — when other institutions see competitors diving in the space and profiting, the temptation will be too much to handle.
It’s worth noting that alts benefited as well and, in some cases, outperformed BTC on the day. ETH is up 6.2%. LINK is closing the day at +7.8%. BSV up 8.2%. LTC rose 10.1%.
What were the fundamentals that pushed the crypto space to such heights?
The ongoing monetary policies along with institutional interest have been the themes of 2020 but, on a much shorter basis, after the massive news of Guggenheim’s SEC filing amendment to invest in BTC, the investment giant AllianceBernstein now says Bitcoin has a role in investors’ portfolio. The name of the firm has changed but the story is the same, people are waking up to what bitcoin actually is.
On a last note, I was talking to a colleague this morning who said, “it doesn’t even feel like there’s been that much news or enthusiasm about it, compared to 2017.” There hasn’t. Imagine what will happen when there is.
It looks like crypto isn’t correlated to traditional markets, at least not during this past session.
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