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Bitcoin, the most popular cryptocurrency in the world, is taking the headlines again amid buying pressures seen recently after it dropped as low as $ 16,400.
What we know: At the time of writing, the flagship cryptocurrency was trading at $ 18,520.10 with a 24-hour trading volume of $ 24.6 billion. The price of BTC has risen 3.9% in the past 24 hours. It has a circulating supply of 19 million coins and a maximum supply of 21 million coins.
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What does it mean; It is important to note that long-time Bitcoin holders keep more and more BTC for longer periods, leading to some scarcity; hence, pushing prices as retail traders rush to own a stake in the most sought-after cryptocurrency during the COVID-19 era.
- Global investor activity in HODLing has increased since March, when the price of BTC briefly dropped below $ 4,000. Since then, investors have steadily accumulated BTC.
- Nairametrics believes increased buying pressures from major institutional brands is partly responsible for recent highs in undilutable cryptocurrencies
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A few weeks ago, Square Inc. led by Twitter’s Jack Dorsey on October 8, revealed that it had purchased 4,709 bitcoins for an estimated $ 50 million.
Square added that it had invested in cryptocurrencies because it saw it as a tool for economic improvement through participation in the future of payment systems, which is in line with Square’s goals.
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The investment represents approximately one percent of Square’s total assets at the end of the second quarter of 2020.
“We believe bitcoin has the potential to be a more ubiquitous currency in the future,” Square’s chief financial officer Amrita Ahuja said.
READ: Stellar Exceeds Many Cryptos, Annual Gain Reaches 233%
A few weeks ago, MicroStrategy, a publicly traded company based in America, adopted Bitcoin as a treasury reserve asset to protect itself from fiat inflation. This is a big deal, as BTC is being used as intended – a money / savings tool.
With so much demand, especially from institutional investors like Grayscale and Microstrategy, it may just be a matter of time for the world’s flagship cryptocurrency to jump the long-term bullish bandwagon.
READ: Ethereum earns 279% annually, close to $ 600
