Bitcoin (BTC) price finally reached a $1 trillion market capitalization on Feb.19, which is an important milestone because as BTC gains size, the digital asset will continue to attract new institutional investors who will consider allocating a portion to their portfolios.
Glassnode data suggests that high-net-worth individuals are continuing to pump money into Bitcoin. The number of Bitcoin addresses holding more than $1 million worth of Bitcoin has risen to 94,000.
According to data from Whalemap, another positive sign is that the number of addresses holding between 1,000 to 10,000 BTC has been increasing throughout the current bull run, whereas in the previous bull phase this figure declined.
Daily cryptocurrency market performance. Source: Coin360
Ballet crypto wallet CEO and founder Bobby Lee believes the crypto bull market could continue and Bitcoin may hit $200,000-$250,000 this year. Lee also expects Bitcoins price to reach $500,000 and its market cap to rise above that of gold by 2028.
However, everyone is not bullish on Bitcoin. JPMorgan Chase analysts believe that Bitcoin is trading at much higher valuations than its fair value and is behaving like a cyclical asset. They also termed crypto assets as the poorest hedge for major drawdowns in equities.
As the crypto bull run continues, lets study the charts of the top-10 cryptocurrencies to spot the critical levels on the upside.
Bitcoin broke above the $52,599 resistance today and resumed its uptrend. The bulls are currently attempting to push the price above the ascending channel. If they manage to do that, the momentum could pick up and a rally to $60,974.43 i ...
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