Bitcoin Refreshes All-Time High above $66,000, Altcoins Pick Up Momentum

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC) managed to refresh its all-time high after a successful break through the $66,000 milestone during Wednesday. On Coinbase exchange, the world’s largest cryptocurrency by market capitalization hit an ATH at $66,999, following a positive mood across the crypto markets that took Ethereum (ETH) to test new highs above the $4,000 threshold, now exchanging hands at $4,077.98.

In other crypto exchanges, BTC traded around $67,106, which is up 7% on the day and with a weekly change of over 18%, according to Coinmarketcap data. Additionally, the altcoins sphere was favored by the green mood seen across majors, such as Cardano (ADA), which is up 3.65% on the day, trading at $2.18.

On the one hand, according to Kraken exchange’s data, Chainlink (LINK) is hovering around $27.20, which is up 4.94% in the last 24 hours. Moreover, Meme coin Dogecoin (DOGE) witnessed some slight gains of over 2.53%, now exchanging hands at $0.25, while on the other hand, Litecoin (LTC) is seeing astonishing gains after rallying over 8.97% in the last 24 hours, now trading at $205.44.

On Monday, Finance Magnates reported that large Bitcoin addresses had jumped significantly since the start of September 2021. In the last 5 weeks, according to the latest data published by Santiment, the number of addresses holding between 100 and 1,000 bitcoins has increased by about 2%.

That said, 254 more Bitcoin millionaire accounts now exist compared to the start of September 2021. One of the major reasons behind that is the rising institutional interest.

Bitcoin Long-Term Price Forecast

Gavin Smith, CEO of Panxora, a cryptocurrency consortium, provided the following forecast on Bitcoin’s price after it hit new all-time highs: “We do expect bitcoin to hit $100,000 in the future, but not this year, as we expect Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term to continue into early 2022. However, the longer-term outlook for Bitcoin remains strongly bullish. Corporations and family offices are leading this by putting some of their excess cash into Bitcoin as an inflation hedge, and from a fundamentals perspective, it’s becoming clearer by the day that inflation is not going to go away. With the successful launch of the ProShares Bitcoin futures ETF, this will now offer an easy route for retail investors to take advantage of this marketplace too.”