Bitcoin on steroids, rages higher

The world’s flagship crypto is surging higher after weeks of ranging.

At the time this report was drafted, Bitcoin price traded at $11,418.54 with a daily trading volume of $21,781,284,466. BTC price is now up 4.8% in the last 24 hours. It has a circulating supply of 19 million coins and a max supply of 21 million coins.

READ: Bitcoin robbers transfer stolen BTCs worth $13.2 million

BTC’s strong rise looks abnormal: just a day ago, the cryptocurrency was strongly underperforming altcoins.

Why it’s happening;  Nairametrics believes the increased buying pressures by notable institutional brands is partly responsible for the non-dilutable crypto recent highs

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If you recall Nairametrics, a few days ago broke the news of Square, Inc. (NYSE: SQ) led by renowned Twitter’s Jack Dorsey on October 8th, disclosing that it purchased 4,709 bitcoins at an estimated worth of $50 million.

READ: N75 billion Nigerian Youth Investment Fund to be rolled out before end of October – Minister

Square added it invested in cryptos because it saw it as a tool for economic enhancement via participation in the future of payment systems, which aligns with Square’s objectives.

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The investment represents approximately one percent of Square’s total assets as of the end of the second quarter of 2020.

“We believe that bitcoin has the potential to be a more ubiquitous currency in the future,” said Square’s Chief Financial Officer, Amrita Ahuja.

Explore Data on the Nairametrics Research Website

Some weeks back, MicroStrategy, a publicly-traded company based in America, adopted Bitcoin as a treasury reserve asset to hedge against fiat inflation. This is a big deal, as BTC is being used as intended – a hard money/savings instrument.

With so much demand, especially from institutional investors like Grayscale and Microstrategy, it might just be a matter of time for the world’s flagship crypto to jump the bullish wagon in the long term.

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READ: Why buying Bitcoin now is not a bad idea

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Finally, it should be noted that the amount of BTCs on crypto exchanges are now at record lows, meaning, when coins on spot exchanges drop, it’s a sign that new buyers are coming in to scoop coins off the markets and move them into cold storage HODL, and we are seeing new HODLers right now. Very macro bullish.

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