Tomorrow is the 12th anniversary of Bitcoin’s whitepaper, and the price is already trading above $13,000. The crypto community will also witness the monthly close above $12,000 for the first time since December 2017.
Bitcoin and Blockchain are Transforming the Financial System
Twelve years before, Satoshi Nakamoto wrote a whitepaper for the world’s first peer-to-peer electronic cash system. At the time of launch, it had no value, but with time it gained recognition from the community. Now, Bitcoin and its underlying technology is transforming the world financial system by making it more advanced and updated relevant to modern-day technology.
Another important event in the history of Bitcoin occurred in 2017 when the price value touched $20,000, the highest value recorded so far. Since then, the top digital asset has never become successful in moving above $20k. But crypto experts are very confident that Bitcoin could surpass $20,000 by the end of 2020. From the value at the time of inception to the value at current times, Bitcoin has grown at the rate of $1,000 per year.
As the 12th anniversary of Bitcoin’s whitepaper is approaching, the monthly close above $12k will also take place on the same date of the anniversary which could drive crypto markets more upward.
Sentiments in BTC Markets
The Bitcoin metrics which predict BTC also seem very bullish. According to the latest data published by crypto analytics firm Santiment, the Bitcoin Age Consumed metric moved up over recent BTC’s rally. According to this metric, people who are holding BTC are becoming more active. The sentiments of BTC’s holders have turned from bearish to bullish after the world’s leading cryptocurrency jumped above $13,000.
What’s more, the Mean Dollar Invested Age (MDIA) has also plunged over last week, which represents long-term holders are taking profit from the recent price increase. It also shows increasing volatility in the cryptocurrency markets. Bullish sentiments in the BTC markets have reached high since the latest Bitcoin halving occurred on May 12.
At press time, Bitcoin is exchanging hands at $13,554 and is moving towards the immediate target, standing at $14,000.