Bitcoin appears trading sideways as altcoins take the entire limelight of the global crypto market. The altseason, this time, has pushed altcoins such as VeChain, Verge, Dogecoin, Chainlink, Ontology, etc. to greater heights to hit fresh highs and breach the stringent resistances. Although altcoins have been taking over all the attention, Bitcoin is simultaneously in order as the assumptions and wait for the next Bull Run pile up.
Previous ATH of 8,481,990 was observed on 23 May 2020
— glassnode alerts (@glassnodealerts) July 8, 2020
Even though BTC is moving in a narrow trading range around $9.2k, the number of addresses holding 0.01+ Bitcoins has just recorded an All-Time High of 8,485,539 after six weeks from the previous high recorded in May 2020. This rightly informs about Bitcoin’s investor behavior, which other than trading emphasizes on HODLing.
Bitcoin and altcoins have been holding strong support throughout the market crash when the entire stock market and commodities market came to a standstill. It was then when investors preferred Bitcoin over stocks. Short selling of stocks led to long buying of Bitcoin and altcoins to elevate the portfolio with calculative risk.
Sell your stocks and buy #bitcoin.
This is not investment advice.
— Pierre Rochard (@pierre_rochard) July 8, 2020
Moreover, just when Bitcoin had hit an ATH of $20k back in December 2017, it held around 50% market dominance then. The reason behind this was, the altcoins were pumping and took over the remaining half of the dominance in the market, followed by Bitcoin spiking and hitting an All-Time High. If we imagine creating a reminiscent of 2017 Bull Run, will Bitcoin replicate the same this year or any soon?
#bitcoin hit its all time high price of $20,000 on Decemeber 18th, $btc market dominance at the time was around 50%!!!
Remember a new all time high for Bitcoin is most likely to happen when the rest of #crypto is pumping pic.twitter.com/qg2O0AAl8X
— Lark Davis (@TheCryptoLark) July 8, 2020
Adding to the fundamentals and giving an answer to the question of how far the next Bull Run is, Glassnode recently gave information about stablecoin supply hitting fresh lows. This indicates increased buying power for Bitcoin, which means a higher capacity of stable coins to purchase BTC leading to a price spike. This really means Bitcoin will spur soon if the history repeats or the fundamentals of the market remain the same.
The rise in stablecoins supply has lead to new lows of the Stablecoin Supply Ratio (SSR).
— glassnode (@glassnode) July 7, 2020
Bitcoin has been revolving around the traditional financial system to branch out an even developed way of financing and trading. While people scorn about retail Bitcoin adoption, the support of the entire financial system will be trembled if we do not believe in the power of Bitcoin other than believing in investing only. This is where crypto and Bitcoin veteran, Jameson Lopp commented, “Bitcoin is the Linux of money.”
Bitcoin is the Linux of money.
Skeptics will keep jeering about the "year of retail Bitcoin adoption" while the underpinnings of the entire financial system get swapped out from beneath their feet.https://t.co/SZQQNP3P4I
— Jameson Lopp (@lopp) July 8, 2020
Moreover, if this is how the market will move, the next few months until year-end will draw an elevated group of networkers to Bitcoin and crypto.