Bitcoin price has hit $33,000 for the first time ever in what seems to be an unstoppable rally. The total market capitalization of Bitcoin is now $610 billion becoming the 12th largest asset by market cap in the world, followed by Alibaba at $648 billion and Tesla at $668 billion.
The highest market capitalization asset at $12 trillion is gold which means Bitcoin is still has a market cap 20 times lower. The rise of Bitcoin’s price in the past two months has been impressive but still not as parabolic as the one we have seen in 2017.
In 2017, Bitcoin saw a 2,600% rise from its lowest point in January to its highest in December. Although the crash in March 2020 was steep, Bitcoin only managed to rise by 775% in 2020, which is significantly lower than 2017 and might indicate that the digital asset still has more room to grow.
Bitcoin Price Analysis
It’s hard to asses or predict where Bitcoin price is headed next as the digital asset is now heavily pushed by FOMO. Surprisingly, many whales continue to hold their positions and there are, in fact, more large holders joining the network.
The number of addresses holding between 100 and 1,000 BTC ($3,200,000 and $32,000,000) has increased from 13,847 to a high of 14,324 currently. Similarly, the number of whales with 1,000 – 10,000 BTC ($32,000,000 – $320,000,000) has also increased by 56 in the past week, a notable rise which indicates large holders are still interested in hodling Bitcoin for the long-term.
Another bullish indicator is the fact that the number of Bitcoin inside exchanges has actually dropped since December 26, which also indicates there is not a lot of selling pressure currently.
On Coinbase, on the weekly chart for Bitcoin price, we can observe that whenever the trading volume of BTC spiked significantly in one week, the digital asset had a major correction on the next week or weeks.
BTC/USD weekly chart – TradingView
So far, despite the massive rise of Bitcoin’s price, we haven’t seen any significant spikes in trading volume, which again indicates that BTC has more room to go up, adding credence to the bullish outlook presented above.
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