Bitcoin price hits $15,300 and keeps climbing as a trading frenzy reminiscent of 2017 begins to unfold.
Bitcoin (BTC) hit $15,000 on Nov. 5 as excitement over the U.S. election spilled over from macro markets.
Data from TradingView showed BTC/USD tackle the $15,000 barrier repeatedly throughout the day, finally breaking it to post press-time highs of $15,200.
Bitcoin’s bullish behavior comes amidst breaking news that the U.S. Department of Justice will be seizing more than $1 billion in Bitcoin from an unnamed hacker who breached a Silk Road wallet.
Cointelegraph reported on Wednesday that the anonymous crypto user had moved more than 69,370 BTC — roughly $1.08 billion at current pricing— marking it the first time anyone had transferred assets associated with the darknet market since 2015.
BTC price climbs $1,000 in a day
The move seals a hectic day for Bitcoin, which just 24 hours ago traded below $14,000. The last time that BTC/USD saw $15,000 was in early January 2018.
BTC/USD weekly chart. Source: Tradingview
Why is BTC continuing to outperform most assets?
Bitcoin has consistently seen a unique combination of surging institutional demand a steady increase in mainstream awareness.
According to a survey released by Grayscale, more than half of U.S. investors are interested in investing in Bitcoin. The study said:
Interest is on the rise: More than half of U.S. investors are interested in investing in Bitcoin In 2020, more than half (55%) of survey respondents expressed interest in Bitcoin investment products. This marks a significant increase from the 36% of investors who said they were interested in 2019.
Businesses, investment banks, and retail investors have all recognized that there is great growth potential in Bitcoin, and this possibly why companies like PayPal and Square, have decided to support cryptocurrency.
Coincidentally, financial institutions that have actively supported cryptocurrencies have performed especially well in recent months.
PayPal stock, as an example, rose 12% in the past three days, demonstrating optimistic momentum since it announced that it would integrate crypto buying and selling.
Crypto-powered prediction market flourish during US presidential election
Roughly $16 million worth of TRUMP tokens were traded on FTX yesterday, while BIDEN tokens pushed nearly $6 million. FTX’s TRUMPWIN and TRUMPLOSE tokens also drove an additional $10 million in combined volume.
Ethereum-powered decentralized predictions platform Augur also saw significant action, reporting $8.6 million in total election volume, and $4.75 million in open interest. On Nov. 4, the project posted:
This years election markets have surpassed Augur v1’s previous OI and trading volume records from the 2018 House market ($2.5M & $6M). Thanks to everyone who used or tried Augur for the first time, we hope you stick around!
ETH breaks multiple records as ETH 2.0 approaches
The Ethereum community has been preparing itself ahead of the launch of ETH 2.0, with a record number of wallets now holding at least 32 ETH.
Today’s launch of the deposit contract introduced the ability for users to deposit 32 Ether required to participate in staking. ETH 2.0’s beacon chain genesis will take place on Dec. 1 if at least 16,384 deposits of 32 ETH each are received. That’s a total of 524,288 ETH, worth about $200 million.
Hours after the news was published, the number of Ethereum addresses holding at least 32 Ether hit an all-time high of 126,852. Prior to the latest rise, this figure had hovered around 123,000 since June this year, with fluctuations only in the hundreds of addresses.
This means that around 13% of all addresses currently holding more than 32 Ether will need to participate in order to launch staking. Should this amount not be met, the launch will be postponed until seven days after the threshold is hit.
The number of addresses holding at least 0.1, 10 or 100 Ether has also risen to post record highs of 3,616,246 addresses, 293,183 addresses and 52,943 addresses, respectively — indicating increased accumulation from speculators as well as prospective validators.