Bitcoin is Trending Big Time
Is the bull run here? Is it not? These questions are as pertinent as ever.
Yes, Bitcoin is back in the game, and there’s data to back this claim with.
Recently, BTC’s price went up by 7%, topping $35,000 since May 2022 before settling at $33,589 at the time of writing. This prompted the crypto community on X (Twitter) to start tweeting about it.
A crypto persona Crypto Rover wrote that “Bitcoin broke above the 533-day resistance”, adding that “the bulls are back.”
Crypto Rover’s tweet. Source: X (Twitter)
Naturally, the party was immediately joined by Michael Saylor, a Bitcoin maximalist who treats BTC as if it’s a religious mantra (here are the seven sermons you can learn by heart now).
He tweeted a chart comparing S&P 500 and Bitcoin, showing performance since August 10, 2020, when MicroStrategy adopted its Bitcoin strategy.
Performance since August 10, 2020, when MicroStrategy adopted its Bitcoin strategy. Source: X
Then there’s the BTC ETF excitement, with many accounts pointing out the potential launch, a circumstance that has well excited the crypto community. Particularly, Backwards wrote, “BlackRock’s iShares Bitcoin trust IBTC just reappeared on DTCC’s list”, with CFTC Commissioner Summer Mersinger saying that "the market is ready.” (even though the former SEC attorney said that ETF is not a given).
Backwards tweet. Source: X
The BTC’s situation looks even better when you examine the long-term price percentage. Over the course of one year the coin’s price went up by 74.7%. The respective numbers for 30 days, 14 days, and 7 days are 27.8%, 23.4%, and 18.6%.
It is perhaps this, or many factors combine, that prompted Twitter handle dubbed McShane beg the question of whether “we understand how rare owning 1 #Bitcoin is?”
“There will come a time when all the world’s mining power won't produce a single Bitcoin in a year,” he added.
McShane’s tweet. Source: X
Previously, GN Crypto shed light on the top 7 platforms for earning passive income with BTC.
