Bitcoin (BTC) is smashing past new records every few hours over the last two days. In a fresh rally today, the Bitcoin price clocked a new all-time high of $41,500 flipping giant organizations like Facebook and Tesla. However, with the one price rally, Bitcoin has hit multiple milestones.
As per the information on CoinMarketCap, the 24-hour trading volume for Bitcoin has surged 25% coming very close to $700 Billion. As of writing this story, the BTC 24-hour trading volume stands at $98 billion. As a result, popular crypto exchanges like Bitstamp and Binance have reported record user traffic. As Bitstamp recently update, the daily Bitcoin trading volume on the exchange crossed $2 billion for the very first time.
Daily volume at Bitstamp just reached $2B for the first time ever. Thank you all for your support! 📈 pic.twitter.com/95gV8a7mPj
— Bitstamp (@Bitstamp) January 8, 2021
On the other hand, Binance CEO Changpeng Zhao tweets “Insane amount of traffic”. The popular crypto handle on Twitter “unfolded” notes that “Contrary to previous months, recent 30-day Bitcoin (BTC) trading volumes as high on weekends as on weekdays. This change in activity might be due to increased retail investments, as Binance reports record user traffic”.
On the other hand, as per the Glassnode data, the active BTC addresses have recently hit an all-time high.
Looks like a new ATH for $BTC active addresses is in ladies and gents! Previous cycle benchmark–when aa's recorded new highs–was around late 2016/early 2017. pic.twitter.com/nlweUuQVlT
— Elias Simos (@eliasimos) January 8, 2021
Bitcoin (BTC) Liquidity Crunch Intensifies
Another market analyst Willy Woo has recently shared interesting data that shows HODLers are squeezing-in more BTC at the moment.
Red = coins moving to Rick Astley, the ultimate HODLer.
Never gonna give you up
Never gonna let you down
Never gonna run around and desert you pic.twitter.com/rRcIxTamj2— Willy Woo (@woonomic) January 8, 2021
In the following tweet, Woo writes: “RED zones mean the net flow of coins are moving to participants that are historically strong HODLers. Via on-chain forensics; clustering wallet addresses into participants, then observing their behaviour. Historically we see GREEN, before rallies start to top out”.
The recent Bitcoin bull run of 2021 has flabbergasted every market analyst in the financial world. analyst Neil Wilson cautions investors at this stage and says that there could be a massive profit-booking and correction in the coming days.
Sharing another interesting fact, Morgan Creek Digital’s founder notes that Bitcoin (BTC) has given over 200%+ compounded annual returns over the last 9 years. Probably Bitcoin is the only asset class to give such historic returns in the last decade. Even if it continues to surge at one-fourth of this rate, BTC can easily touch $1 million by 2030.
Bitcoin has a 200%+ compound annual growth rate over the last 9 years.
Even if that slowed by 50% over the next 9 years, Bitcoin will still reach $1 million before 2030.
Everyone is underestimating this beast.
— Pomp 🌪 (@APompliano) January 8, 2021