Crypto Market Bullish As Bitcoin Surpasses $20,000 Valuation

Fans and naysayers alike have a love-hate relationship with Bitcoin (BTC). The granddaddy of all cryptocurrencies grabbed the attention of both financial experts and the man in the street in 2017 when it skyrocketed from obscurity to a high of $19,783 per unit.

Besides the massive potential financial upside, who can resist an alternative to everyday cash money that promises to be free from government interference, offers complete anonymity and is leading the way in a financial revolution but is built on groundbreaking technology?

 Bitcoin Breaks $20,000

As with all tales of legendary rises, there is always a fall and Bitcoin was not immune to the reality of “what goes up must come down” as it nosedived from its $19,000 high to a relatively paltry $3200 price point.

Since then, however, an understanding of blockchain technology and cryptocurrencies as a whole has improved and the market has begun to mature. 2020 even saw PayPal enable the ability for its users to purchase Bitcoin via their PayPal account.

While there are still fluctuations, as you have with any trade based commodity, Bitcoin has been on a steady climb back to its former glory.

Hodlers, people who store their Bitcoin in hopes of benefitting from an upward swing in the market, rejoiced last week when the alt-coin hit a new all-time high of $23,400 per unit.

 To Hodl or Not To Hodl

Whether you’re delving into online gambling or cryptocurrency there are always the Whales who go all in and risk it all for the thrills and potential payouts.

In the case of Bitcoin, these big spenders are those investors who hold crypto-wallets containing more than 1000 BTC. To put this in real money terms, these high rollers are holding more than $20,000,000 worth of Bitcoin each.

The breakdown of high roller crypto-wallets is as follows:

• Wallets holding 1,000 BTC or more = 2,305
• Wallets holding 10,000 BTC or more = 111

It would be safe to assume that with BTC hitting a new record high you would see these wallets begin to sell off their stock, however, the opposite is true. With the cryptocurrency finally breaking past the $20,000 barrier it appears to have caused an upsurge in investor trust.

There are market specialists who have been predicting price jumps as high as $50,000 per BTC in the next 6-12 months, with its recent success investors are willing to ride the upswing as high as it will take them.