Bitcoin’s Market Capitalization Edges Closer To All-Time High

Bitcoin’s Market Capitalization Edges Closer To All-Time High

The world’s biggest cryptocurrency has been on a wild ride for the past 18 months. Huge gains followed by deep losses have been the norm. Investors who have been able to hang on are being rewarded with the latest uptick in value.

Coming off a steep crash in March, a recent price indicator is nearing an all-time high. BTC is close to setting a record high for yearly moving average price by market capitalization. Furthermore, this was noted by Yassine Elmandjra as a crypto-asset analyst for ARK. Moreover, this is an investment advisor firm. Now, check out what Fast Money Trader Brian Kelly from CNBC has to say.

How Does Bitcoin Halving Make Bitcoin’s Market Capitalization Edges Closer To All-Time High?

The analyst released a chart on May 1 confirming the trend. It goes back to early 2018. The numbers show that BTC’s yearly high for average moving price has dropped and rebounded. Late 2018, the price of BTC/USD hit the floor at $3,100. The slow grind through all of 2019 and early 2020 has set the stage. A new landmark will be set if markets retain their current levels.

With the yearly moving average price around $9,000, this would be just the second time in history at this level. The actual chart goes back to 2013 where values remained rather steady until 2018.

The overall solid performance for BTC does not sway all investors. Not all analysts put as much weight on price behavior for a yearly moving average. There are other factors that contribute to a buy/sell decision. Many investors will still focus on the daily BTC price. Morgan Creek Digital’s CEO is Mark Yusko does remain bullish. Back in September of 2019, he stated in a CNBC interview:

“All the indicators of the network and the network value are rising; the price of any asset fluctuates.”

He maintains that BTC was not something that anyone should consider selling. He is more concerned with the price consistently making higher lows each year. The only time that did not occur was in 2015. He also argues that the daily price of BTC “doesn’t matter.”

Just this past week, Mr. Yusko echoed the same sentiments: “Always pays to #BuyWhatIsOnSale . Daily price of #Bitcoin is Noise. Focus on Signal of increasing adoption and positive fundamentals.”

In a related article on Cointelegraph, Coinbase recently published a report comparing BTC to gold. Using the coronavirus pandemic as a point of reference, the report highlighted BTC’s advantages over gold as an investment.

A MUST READ: Cryptos For Online Gambling Activities Can Keep Betting Anonymous?

As the leading US-based crypto exchange, it is easy to see why Coinbase would take this stance. The report states:

“Bitcoin and gold are fundamentally similar as scarce and globally accessible units of value. Bitcoin does not rely on fragile physical supply chains and is truly globally accessible.”

Coinbase.com went on to emphasize recent price gaps in gold markets worldwide. There have been disruptions in the supply chains. This has led to ‘disparate levels of scarcity across different markets’.

The report also contends that the current health crisis has had minimal impact on BTC mining. Bitcoin’s core protocol is functioning as designed.

• Source: Bitcoin Price Yearly Average Nears All-Time High Above 9K Pre-Halving From Cointelegraph.com On May 2, 2020.

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Bitcoin’s Market Capitalization Edges Closer To All-Time High
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Bitcoin’s Market Capitalization Edges Closer To All-Time High
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