Bitcoin price hit $17K for the first time since Jan. 7, 2018

Bitcoin has breached the $17,000 mark today, soaring to its highest price since January 8, 2018, according to Traddingview.

BTC daily chart | Source: Traddingview

Since its yearly lows below $4,000 in March, when prices crashed over 50% in a single day, BTC has rebounded by more than 330%. Since Jan. 1, the leading cryptocurrency has gained 130%.

Altcoins are following in bitcoin’s wake. Leading altcoin ETH is trading at $470 at last check, up 20% this month. LTC has gained around 30% month to date.

Bitcoin futures are also growing in popularity. The aggregate open interest in bitcoin futures touched an all-time high at around $6.3 billion on Monday. Open interest is the value of outstanding derivative contracts that are yet to be settled.

Trends that typically during bull cycles are beginning to show again as well. According to the on-chain analytics firm Intotheblock, 99% of the addresses holding Bitcoin are profitable. They said:

“Roughly 99% of the addresses currently holding $BTC are experiencing profits. There are only 164.11 ‘thousand addresses that bought 44.91 thousand BTC that are still out of the money.’ We could be experiencing soon a 100% profitability for every Bitcoin owner.”

Some might argue that this metric suggests many investors could take profit and thus create a pullback. But, as Bloomberg reports, this rally has been mostly silent in terms of mainstream involvement, which makes a sudden take-profit rally less probable.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like