Bitcoin Halving Impact Fades as Demand Takes Center Stage
According to reports, the Open Interest in Bitcoin is now 30 times higher than it was 11 days before the 2020 Bitcoin halving.
Bitcoin experienced yet another surge, hitting a new record high of over $51,200 USD experiencing what analysts are calling a “parabolic advance“.
Bitcoin hits new all-time high
Bitcoin broke above $50,000 USD for the first time ever on Tuesday and is now sitting just above that at above $51,045 USD at the time of writing. According to trading analyst Peter Brandt, this break stands as its third parabolic advance in the past ten years of the token’s life. Noting that this scale is “extremely rare”, he drew reference to the history of Bitcoin charting the trends of the cryptocurrency
Big picture $BTC
Bitcoin is undergoing its third parabolic advance in the past decade. A parabolic advance on an arithmetic scale is extremely rare – three on a log scale is historic pic.twitter.com/fyyM5Ws6N5— Peter Brandt (@PeterLBrandt) February 16, 2021
Bitcoin surges, the rest of the market showing red
While Bitcoin is showing bullish gains, the rest of the cryptocurrency is taking a while to catch up on the increase. Often the overall market is influenced by the leading cryptocurrency Bitcoin. With over 62% dominance in the market, Bitcoin is thriving and it’s likely that the rest of the market will see green.
It’s worthwhile noting that the price of the leading altcoins is in regions of their recorded all-time high values too. Ethereum is currently sitting at just below $1,800 USD and analysts are predicting it’s only going to see more value within the upcoming weeks. Just recently, Ethereum broke the $200 billion USD market cap, a figure unprecedented by both the altcoin market as well as traditional companies such as Novartis and AT&T. This is inherently bullish, but looking at the market cap as a metric for achievement has received criticism from several within the community.