By Shelly Melancon (Switzerland)
While bitcoin has experienced price declines for almost all the past weekends since late May, this weekend is different. The leading cryptocurrency by market cap rose by over $1K to surge past the $35K mark. Most altcoins have also followed suit, with Cardano increasing by almost 7.5% following the positive news from grayscale.
Bitcoin Surpasses $35K
It has been customary for the leading cryptocurrency to always decline at the beginning of weekends since late May. Hence, most bitcoin enthusiasts weren’t expecting this weekend to be any different. However, as of this report, bitcoin isn’t declining like the beginning of those past weekends.
Since surpassing about $37,000 this past Tuesday, bitcoin had declined by multiple thousands and fluctuated around the $33,500 levels. It even had a temporary dip beneath that level. Regardless, the leading cryptocurrency rallied and kept rallying gradually since that time.
Hence, it has gained about a grand to surge past the $34,500 mark, and it keeps bouncing around that range, making that its 3-day high. The crypto market cap remains around $660 billion, while bitcoin’s dominance over the altcoins remains around 46%.
Puell Multiple Metrics: Buy Signal
Top crypto analyst David Puell developed the puell multiple metrics; it is a metric that compares bitcoin supply with miner’s revenue and classifies the result on a scale of 1-10. On this scale, a value of 0.5 or below indicates a buy signal, while a value of 8 and above indicates a sell signal.
Strangely, the current value is way below 0.5, and it’s only the fifth time this metric has given this value in bitcoin’s history. On the other four occasions, the bitcoin price rebounded soon afterward. Currently, the bitcoin whales are accumulating as much bitcoin as possible, and traders might start joining them soon.
Bank for International Settlements: Crypto Investors Don’t Hate Banks
Research by the bank for international settlements (BIS) has revealed that it is not the hatred for wall street that is driving the interest of Americans in bitcoin. Instead, it is other factors like education, being updated with technology, and being male.
A recent statistical analysis published by the BIS disproved the hypothesis that crypto investors‘ distrust for fiat currencies or regulated finance is the reason for being involved in cryptocurrencies. More than 70% of over 3,300 surveyed respondents indicate that they trust cash, banks, and online payment apps.
The remaining people who invest in digital currencies are debit cardholders, PayPal users, and users of mobile payment apps. When you consider that 80% of Americans use debit cards, 25% use payment apps, and about four-fifths of Americans use or have used PayPal. It indicates that most Americans have joined the crypto-mania.
The survey also indicated that crypto investors’ level of education determines the type of cryptocurrency they’d invest. The most educated are XRP investors, and the least educated are Litecoin investors. Bitcoin holders are averagely educated. The researchers also discovered a 55% chance that a coin holder this year will hold it next year.
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