In recent months, we’ve re-iterated our bullish outlook on Bitcoin ($BTC), typically when the price had dipped significantly as it did at the beginning of September.
LikeFolio data still shows elevated levels of consumer Demand for BTC: +274% YoY on a 90-day moving average.
In addition to strong underlying demand from individuals, several major companies, investment funds, and even countries have fully endorsed the cryptocurrency in 2021. The price of BTC started to pick up momentum last week and has since surged to near the previous ATH price level, up +78% QoQ. Furthermore, Bitcoin’s trade volume remains significantly elevated, a promising sign for the crypto market at large – The combined crypto market cap of $2.35T represents the second-highest level ever, only $15B shies of the May 2020 ATH.