Cryptocurrency Marshes a New Milestone - A Billionaire Mintage via Bitcoin
Bitcoin Hits Historic High of $124,000: Insights from a Crypto Market Participant
In an exclusive interview, a cryptocurrency market participant shared their assessments of the current market conditions, as Bitcoin reached a new historic high of $124,000 at 8:38 a.m. on Thursday in Singapore.
This milestone surpassed Bitcoin's previous historic high of $123,205, which was reached on July 14, and the more recent high of $123,500 on August 13. The price increase occurred throughout much of last year, with the S&P 500 index closing at a record high for the second consecutive session when Bitcoin reached its new high.
The participant, who entered the crypto market relatively recently and does not trade every day, observed that the rise in Bitcoin's price can be attributed to a more risk-taking attitude of investors on global markets. However, they also believe there is manipulation in the crypto market, and only those with a strong nervous system will succeed.
The specific details of the participant's portfolio are not disclosed in the article. What is known is that they have a portfolio of coins bought on the spot.
Several key factors are influencing the recent rise in Bitcoin prices beyond the U.S. legislative climate and market risks. These include Bitcoin’s 4-year halving cycle, which reduces new supply and historically triggers strong bullish trends due to supply scarcity and increased demand.
Accelerating institutional adoption, such as large-scale accumulation by pension funds, ETFs, and corporate investors, is shifting Bitcoin from a retail-driven to an institution-led market. Expanding global liquidity, supported by synchronised rate cuts by major central banks, creates favourable macroeconomic conditions for risk assets like Bitcoin.
Network resilience indicators, such as rising hash rates and stable long-term holdings, signify confidence in the Bitcoin ecosystem. Broadening market adoption and technological developments that enhance Bitcoin’s utility and investor attractiveness are also contributing to sustained price growth.
Together, these factors work together to create strong upward momentum and bullish sentiment, driving Bitcoin prices higher. Some forecasts predict targets from around $120,000 to $200,000 and beyond by late 2025.
It's worth noting that Ethereum's market capitalization is nearly $575 billion, and together, Bitcoin and Ethereum account for about 70% of all cryptocurrency trading.
The participant did not discuss their opinions on the factors driving the price of Bitcoin or other cryptocurrencies, nor did they share their strategies for waiting or making decisions about their portfolio. However, their insights into the intricacies of the current crypto market provide valuable perspectives for investors and enthusiasts alike.
The participant's observations suggest that the surge in Bitcoin's price is influenced by a riskier investment attitude on global markets, and they express a belief in manipulation within the crypto market. In terms of their portfolio, they hold a collection of coins purchased on the spot. Additionally, technology plays a role in driving Bitcoin's growth, as advancements enhance its utility and attractiveness for investors.
