Bitcoin makes a run for another ATH; Here’s what triggered it
Mere weeks after it broke the price record, Bitcoin (BTC) is looking at hitting another all-time high (ATH), thanks to several positive developments surrounding the flagship decentralized finance (DeFi) asset and its wider adoption.
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As it happens, Bitcoin crossed over the $122,000 level, where it stayed for several hours before returning to its current price of $121,323 on August 11, bolstered primarily by the United States President Donald Trump allowing cryptocurrencies in 401(k)s.
Specifically, Trump has signed an executive order to enable Americans to invest their retirement savings in private equity, real estate, and crypto (among other alternative assets), marking a major victory for the crypto industry and providing over 90 million individuals with broader investment opportunities.
This, in addition to the White House report from July 30 emphasizing the original crypto asset’s importance in digital financial technology and calling for a clear regulatory framework, has created an immediate positive effect on the crypto market, where Bitcoin made a run for another ATH.
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At the same time, the number of new Bitcoin addresses created daily has reached the highest level in a year, with an average of 364,126 new BTC addresses generated every day, according to the observations by prominent crypto expert Ali Martinez on August 11.
Next stop: Bitcoin at $133,000
Earlier, Martinez also noted that Bitcoin only had to hold above $112,000 to facilitate its move toward $133,000, judging by the market value to realized value (MVRV) extreme deviation pricing bands. So far, his projected level looks ripe for the taking.
Meanwhile, Robert Kiyosaki, a popular investor and author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ has praised Bitcoin as “pure genius asset design” that has made him millions, comparing it to real estate that took him a lot of hard work, risk, money, time, and sleepless nights just to get to his first million.
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