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Cryptocurrency markets continue to experience a unique period. In the evening hours, Bitcoin pushed towards the $53,000 mark but was turned back at $52,816. The price seems to have moved within a $1,600 range over a 24-hour period. The excitement is growing as the cryptocurrency Bitcoin surpasses a market value of 1 trillion dollars. Additionally, there is a decrease in the amount of coins held on exchanges.
How Much is Bitcoin Today?
At the time of writing, Bitcoin was at the $52,298 level. A significant development for Bitcoin today relates to the amount of Bitcoin held on exchanges. Accordingly, the amount of the cryptocurrency BTC held on exchanges has dropped to 2.37 million. In August 2018, this figure was at 2.41 million.
At that time, BTC had surged from $6,154 to $10,810. The decrease in Bitcoin held on exchanges indicates that investors are keeping their cryptocurrency holdings. This suggests that investors are not inclined to sell, which is quite striking. A further decrease in these numbers could lead to a new price peak. Even an all-time high record could be broken.
Bitcoin Halving Could Influence BTC Price
Bitcoin halving is an event that will result in a supply cut for BTC. With the supply expected to halve, a significant change in price is anticipated. Typically, BTC’s price increase occurred months after a halving. However, recent developments suggest that a different price behavior from the past could emerge. At this point, six-figure sums for BTC are being discussed more comfortably.
Another factor that could drive up the price of Bitcoin is the participation of large institutions. According to Gemini co-founder Winklevoss, the demand for the cryptocurrency BTC could be 10 times higher than usual due to ETFs. Moreover, he mentions that demand could increase by 20 times after the halving.
Founder of Blockstream, Adam Back, who has high expectations for a significant increase in Bitcoin, said that BTC’s market value could quickly reach the gold market value of $13.5 trillion. If this happens, the price of one Bitcoin could be around $700,000. Adam Back states that such a price tag for Bitcoin, the flagship of cryptocurrencies, is not impossible.
