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BTC Enjoys Less Circulation as the Crypto Heads to $50k

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It is continuous celebration time for BTC hodlers as the leading currency targets the $50k mark. Many Altcoins have followed in the steps of BTC by breaking new record highs.

Just like the sudden hike on January 8, 2021, months later on the 12th of February 2021, the leading currency did an upward surge to $48,985 even teasing the $50k mark before sliding back to the $46k range. Regardless of great surges and significant lows, BTC still maintains its bullish motion. The leading crypto is exchanging hands at $47,324.06 at press time.

Read More Articles: Grayscale to Explore the DeFi Sector as the Giant Crypto Asset Manager Files Paperwork for New Trust Funds

It appears that the leading currency may hit $50k even early this new week. With the current lesser on chain circulation of BTC, demand for it has extremely hiked and ofcourse its value. With only about 4 Million BTC in supply and a steady decrease of this amount since mid-2020, its value has continued to hike amidst institutional investment and adoption of the currency. Whale hodlers, holding more than 1000 BTC, have also greatly surged, signalling that high net worth individuals and institutional money players are playing big in the crypto sector- especially purchasing BTC.

In a lot of words, “larger players are scooping up bitcoin off smaller players” as small money players are being extinguished with larger players dominating the arena.

It appears that it is fully Crypto season seeing as payments giant, Paypal, has also decided to explore the crypto sector and serve users in the United Kingdom. This way, non-US resident users can now leverage cryptos via Paypal and Venmo Apps before the end of June 2021, so far they are in the UK.

It is also good news to Apple Wallet users as the platform has announced a new collaboration with Bitpay, this way, its users can leverage BitPay cards to trade and exchange crypto.

Let us know your bullish or bearish thoughts down below. What is your take on BTC and Crypto’s future?

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