Bitcoin's Price Surge Propelled by Institutional Investors
What: Bitcoin is today trading at a 35 month high, at $18,300.
How: On-chain data shows bitcoin is rallying amid a strong holding sentiment in the investor community.
Why: Bitcoin's "rich list" hits an all-time high alongside the meteoric price rally. The data validates claims of increased institutional participation.
Bitcoin's ongoing price surge has seen its market cap reach nearly $335 billion, surpassing that of some of the world's largest companies - Including Mastercard!
According to blockchain analytics firm Chainalysis, institutional investors have propelled the price of Bitcoin upwards by causing a supply drought, a fact borne out by a number of surveys carried out in recent months.
In September, crypto insurance firm Evertas found that 90% of US and UK institutional investors surveyed planned to increase their focus on crypto assets in the next five years.
Chart of the Day
The only support/resistance zone that matters is the all time highs.
In 2018 when we had to back up our 2017 "buy Bitcoin" calls at a price 75% lower than Christmas the year before, who would have thought we'd be here today.
Enjoy telling that random great uncle that you told him so.
Best of probabilities to you,
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