The Bitcoin After struggling for weeks to conquer that $12,000 barrier, Bitcoin is now firmly above, marking a new high for the year as its upward trend continues unabated.
Bitcoin is not only experiencing a price surge but also seeing its network fundamentals strengthen. The use of SegWit in transactions is at its peak, even though the pace of adopting the protocol upgrade has slowed slightly. Black Thursday market crash .
Bitcoin Price Surmounts the $12,000 Barrier
Bitcoin’s valuation has climbed beyond $12,000, reaching over $12,300. This rise comes after multiple attempts to overcome the $12,000 hurdle.
Indeed, as previously reported As reported by Blockonomi, breaching the $12,000 threshold was no easy task for the world's largest cryptocurrency. Although it temporarily exceeded this level last week, the need to address a CME futures gap at $11,700 led to a swift $500 pullback.
At a robust $12,300, Bitcoin's price reflects a more than 70% increase since the start of the year. From the dramatic drop to $3,800 during the Black Thursday turmoil, BTC has soared by over 220%.
Monday's upward movement in Bitcoin's price follows a slew of positive stories about its growing institutional acceptance. Among these, MicroStrategy—a company listed on Nasdaq—made headlines. acquired They laid $250 million into Bitcoin, intending to keep it as a treasury asset. The company's CEO declared Bitcoin a legitimate hedge against inflation and devaluation of currency.
Twins behind Gemini, Tyler and Cameron Winklevoss, managed to sway Dave Portnoy of Barstool into the Bitcoin fold. Similar to the MicroStrategy leader, Portnoy had been skeptical of BTC. The shift indicates mainstream investors are increasingly recognizing Bitcoin's potential as a safe haven. convert With Bitcoin’s price above $12,000, some analysts believe the next hurdle is at $13,000, alongside the longer-standing $13,800 resistance. Surpassing these could set the stage for attempting the $19,800 all-time high (ATH).
Invitation accepted ???? https://t.co/BhEjEKxfqi
— Tyler Winklevoss (@tyler) August 4, 2020
TradingView data shows that Bitcoin is second only to Tesla in popularity on its platform. This further supports the idea that Bitcoin is capturing more attention from the investment community.
BTC Finds Itself as the Runner-Up in TradingView's Popularity Contest
According to data Bitcoin's rise in popularity coincides with drastic declines in well-known stocks like Apple and Boeing, as market instability from the pandemic prompts traders to seek refuge in alternative assets.
This move to safe havens has not only lifted Bitcoin but has also driven gold to new summits, with even Warren Buffett showing interest. Gold recently breached the $2,000 per ounce mark for the first time.
With concerns over currency devaluation looming large, investors seem to be gravitating towards traditionally volatile markets like Bitcoin to diversify their assets. BTC was the standout performer over the past ten years.
SegWit usage continues its upward trajectory
SegWit Penetration Gaining Ground
#Bitcoin Rising transaction fees are nudging users towards SegWit wallets
may see growth reversed, prompting a shift toward
Eventually bad actors like @blockchain Bitcoin's foundational metrics are also on the rise. The count of addresses holding at least 0.1 BTC and 0.01 BTC is growing alongside an increase in 'wholecoiner' wallets and even large holdings or 'whales'. pic.twitter.com/PCdcPSTL8y— Alistair Milne (@alistairmilne) August 17, 2020
This might push those lagging behind in the protocol upgrade to reconsider their stance. Litecoin, for example, boasts higher SegWit adoption at 80%, while Bitcoin is about halfway there.
SegWit utilization in Bitcoin payments is also on the increase Osato is a Bitcoin aficionado frequently sharing insights on fresh Bitcoin news. When not deeply engaged in the crypto industry, he challenges his scrabble scores or muses over philosophical quandaries. Reach Osato at level-up-casino-app.com
