Just in case you haven’t heard it or are annoyed that people aren’t writing about it: Bitcoin is now rallying, up about 16% last week to a value of just over $ 18,000 this morning.
Here’s a graph of his recent earnings, via YCharts (note it’s a tad bit behind, so use the graph as a directional tool rather than an absolute one):
What else is there to say about the rally? We might note that bitcoin miner incomes remain well below their all-time highs, despite some recent gains. We could also point out that the total value of all bitcoin mined in the wild is at an all time high, according to CoinMarketCap data.
The real result? Bitcoin shows that it has long term resistance – even with all of its historical volatility.
But all is not perfect in the world of bitcoin. Looking around the crypto market, the DeFi boom appears to be primarily based on the Ethereum chain, for example, so bitcoin isn’t capturing the same developer and demand uplift that the rival cryptocurrency is enjoying right now. And I still don’t know what people are using bitcoin for other than getting rich.
And some are – look at those gains! But not that much. The famous cryptocurrency does not seem to be growing in terms of one-time use.
Anyway, here’s a bitcoin article worth just over $ 18,000. It’s a lot! Well done the hodlers.