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Bitcoin (BTC) price has doubled since halving – Cryptocurrencies

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What if all bitcoiners refused to sell their Bitcoins (BTC)? The halving combined with the entry of institutional investors dramatically decreases the supply of BTC in circulation. Future investors might find it difficult to get hold of Bitcoins. The price of BTC has doubled since the halving, a good performance, however, exceeded by that of its challenger.

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Double since halving

The price of Bitcoin has exceeded double its price since the May 11, 2020 halving, hitting $ 18,500 in the past few days.

Chainalysis indicates that the current rise in the price of Bitcoin is mainly linked to unbridled demand from institutional investors.

According to a company report released on November 19, 2020, exchange liquidity levels and flows have evolved significantly since the halving.

The company uses the term “illiquid” for portfolios that market less than 25% of Bitcoins that they receive. In contrast, portfolios that take the opposite view are referred to as “liquid”.

No Bitcoin for latecomers

Statistics Chainalysis indicate that the number of Bitcoins available to new investors has started to decline since the start of this year.

Chainalysis estimates that the amount of Bitcoins liquids could be around 3.4 million.

In contrast, illiquid portfolios are on the rise. This decrease in liquid supply would be linked to accumulation by institutional investors.

The investment fund Grayscale Bitcoin Trust, which represents leading investors, holds more than 500,000 BTC.

Glassnode Studio also reported that mining revenues were at their pre-halving level.

Although Bitcoin records good performances during this year 2020 despite the pandemic, theEther (ETH) is ahead of the oldest crypto.

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It outperforms the BTC over the same period, with an increase of 160% since May 2020.

The devaluation of the dollar, the entry of institutional investors, and the halving, create a virtuous circle in the increasing scarcity of Bitcoin. “Too much rarity” would kill the rarity? Is almost all BTC doomed to be HODlée to structurally support the rise in its price, traders would then split the crumbs for short-term speculation? Bitcoin at $ 100,000 by the end of 2021 and at $ 1,000,000 in 10 years: forecasts that could come true much sooner than expected?

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