{"id":11435,"date":"2023-11-09T02:19:51","date_gmt":"2023-11-09T02:19:51","guid":{"rendered":"https:\/\/infundpros.com\/investment\/bitcoin-prices-are-rising-gains-could-get-supercharged\/"},"modified":"2023-11-09T02:19:52","modified_gmt":"2023-11-09T02:19:52","slug":"bitcoin-prices-are-rising-gains-could-get-supercharged","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=11435","title":{"rendered":"Bitcoin Prices Are Rising. Gains Could Get Supercharged."},"content":{"rendered":"
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\n Bitcoin
\n and other cryptocurrencies were rising Wednesday, nearing recent highs amid a bevy of positive factors buoying digital assets. With Bitcoin supply at historically tight levels, gains have the potential to be supercharged.<\/p>\n

The price of Bitcoin has advanced 2% over the past 24 hours to near $35,400, closing in on last week\u2019s peak near $36,000\u2014which marked the token\u2019s highest level since May 2022, when cryptos tumbled into a prolonged and brutal bear market. The largest digital asset has rallied some 30% in a matter of weeks, snapping out of a multi-month period of low volatility and subdued trading amid calls of a new bull market.<\/p>\n

\n

Bitcoin has outperformed the
\n Dow Jones Industrial Average
\n and
\n S&P 500
\n on the back of mostly crypto-native catalysts, though hopes that the Federal Reserve has finished raising interest rates recently have been supportive of all risk-sensitive assets.\u00a0<\/p>\n

In particular, crypto bulls remain hopeful that regulators will soon approve a spot Bitcoin exchange-traded fund (ETF), which would be expected to usher in a new wave of investor interest. Geopolitical risks from conflict in the Middle East also has sparked another round of calls for Bitcoin as \u201cdigital gold,\u201d with evidence that traders have moved into crypto as a haven play.<\/p>\n

With analysts seeing longer-term support for Bitcoin in focus is a shift in tokens to long-term holders less willing to part with their digital assets, which could set the crypto market up for tight supply at a time when prices have momentum to keep rising. Adding to tight supply dynamics are expectations of Bitcoin\u2019s so-called halving next year, which will reduce the issuance of tokens going forward.<\/p>\n

The supply of Bitcoins among long-term holders is just shy of an all-time high, according to analysts at crypto market research group Glassnode, with short-term holder supply effectively at all-time lows.<\/p>\n

\u201cThis insightful dynamic demonstrates a growing tightness within the Bitcoin supply, as existing holders become increasingly unwilling to part with their holdings,\u201d analysts at Glassnode wrote in a recent note. \u201cThe Bitcoin supply is historically tight with many supply metrics describing \u2018coin inactivity\u2019 reaching multi-year, and even all-time highs. This suggests that the Bitcoin supply is extremely tightly held, which is impressive given the strong price performance year-to-date.\u201d<\/p>\n

\u201cWith the halving expected in April, and positive momentum around a spot ETF in the U.S., the coming months are shaping up to be exciting ones for Bitcoin investors.\u201d they added.<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014was less than 1% higher at $1,880. Smaller tokens or altcoins continued to outperform, with
\n Cardano
\n climbing 4% and
\n Polygon
\n popping 9%. Memecoins were more muted, with
\n Dogecoin
\n up 2% and
\n Shiba Inu
\n advancing 1%.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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