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Bitcoin continues to make new highs

Bitcoin has continued to climb new high prices over the last week and made multiple multi year highs over just those 7 days. BTC made a new daily high candle close $14,057 on Tuesday which was also the day of The United States Presidential Election.

The world’s best performing asset for more than a decade has made further highs over the last 48 hours. Uncoincidentally, the aggregate crypto market capitalization has broken the $400 billion resistance it had been battling and is above $436 billion at writing.

Since the stock market and cryptocurrency market crash of March 2020, BTC has gone from a $3,800 bottom to a new yearly high of $15,950 on 5 November. Bitcoin is up 47.6% for the last 30 days and 16.5% over the last 7 days.

Bitcoin has the highest Galaxy Score by LunarCrush at the time of writing. The Galaxy Score ranks how healthy a coin is determined by social media data and other performance metrics.

Bitcoin is Still Outpacing Stocks

Up double-digit percentage points most of the day, BTC has led the way for more than a decade now as the best performing asset in the world and done so practically since launch. As you can see below, the daily trend reflects the macro at large, Bitcoin continues to outpace stocks and the legacy market despite stocks being relatively strong amidst a lot of economic uncertainty across the world. 

Source: https://www.marketwatch.com/

Bitcoin’s trade volume for the last 24 hours is $453,874,744.74 or 30,113.99 BTC. After breaking $14,000 the last point of real resistance before $15,000 was $14,100 which was the 1,000 day high set on 31 October, last Saturday.

BTC is now up more than $5,000 for the last month and with Bitcoin demand exceeding supply for sale on the market, some believe a new BTC all-time high is not far off. 

Bitcoin Stats Rundown

Bitcoin dominance is 64.4% and inching closer to 70%. Bitcoin dominance hasn’t been 70%+ since December 2017. BTC Market capitalization is $289,978,843,087. The average transaction value for the last 24 hours is 9.99 BTC [$151,277] with 901,056 total active addresses.  The current size of the Bitcoin blockchain is 358.91 GB. 

Source: https://coinmarketcap.com/charts/

Bitcoin’s nearest overhead resistance is $16,200 and then $16,600 on the weekly time scale with support at $15,500.

R.L. Bryer
R.L. Bryerhttp://bryer.io
Since 2009, the onset of the bitcoin network, R.L. Bryer has been covering the space. He is the author of Blockchain: Project Renaissance Volume I and II. He's also been the guest of countless bitcoin and cryptocurrency related podcasts throughout the world. Every opportunity, he speaks on or writes about Austrian Economics and how bitcoin is the world's preeminent money.