Bitcoin Shows Almost 500% Growth Since March, Here’s How It Happened
Crypto expert, macro investor and cofounder of DTAP Capital, Dan Tapiero, has taken to Twitter to share some good news of Bitcoin demonstrating almost 500 percent growth.
He also reminded the community that the flagship cryptocurrency took only nine months to rise that high after Bitcoin hit a major low in the $4,300 area back on March 12.
Remarkable to think that just 9 months ago #bitcoin was at 4000. Almost a 500% rally to today.
Bitcoin rose in jerks after tanking to $4,000
After the event known as Black Thursday (and the Friday the 13th that followed), Bitcoin lost around 50 percent of its value in one day, collapsing from the $7,976 level to $4,378, as per the TradingView chart.
BTC plummeted along with all other markets, including stocks and crude oil, whose price went below zero but soon recovered.
The ascent did not take long to occur. During a nine-month period, Bitcoin reached the following peaks: $8,745 on April 29 and $9,985 on May 7.
On June 1, Bitcoin crossed the $10,000 threshold for the first time this year. The first time Bitcoin surged above $11,000 in 2020 was on June 27.
After that, Bitcoin's journey looked as follows as the world's biggest crypto went up exponentially with hardly any setbacks, according to a TradingView chart on Kraken exchange.
$12,342 – August 17,
$12,838 – October 21,
$13,632 – October 27,
$15,591 – November 5,
$16,261 – November 12,
$16,732 – November 16,
$17,650 – November 17,
$18,643 – November 20,
$19,163 – November 24,
$17,700 – November 28,
$18,171 – November 29,
$19,660 – November 30.
"Hard to grasp a market growing so fast," adds Tapiero in his tweet.
Joseph Young"Supply and demand": Cameron Winklevoss
One of the crypto twins and Gemini exchange cofounder, Cameron Winklevoss, has also posted a Bitcoin-positive tweet, as he has been eagerly doing ever since BTC hit its new ATH.
Cameron shared the metric he uses to value Bitcoin, which is suitable even for highly sophisticated investors—to quote his tweet.
For him, this metric is supply and demand. As the supply is known to be fixed at 21 million BTC, demand becomes the actual driving force here.
I still get ask the question of how do you value #bitcoin even by highly sophisticated investors. The answer is super straightforward: supply and demand. That’s it. And we know the supply is fixed at 21 million so it really comes down to demand.
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