On Tuesday, the price of Bitcoin (BTC) reached a new all-time high, extending a record-breaking run that has brought the cryptocurrency market’s total value close to $3 trillion.
Notably, on October 11, there were 38,536,223 distinct Bitcoin addresses on the network; today, November 9, the number of addresses has increased to 38,899,034, representing a total of 362,811 new BTC holders, according to CoinMarketCap data.
This is especially significant given that the number of addresses is increasing in lockstep with the price of Bitcoin, which has recently surpassed $68,000 for the first time in its history, and several leading crypto experts predict that it will reach six figures by the end of 2021.
Price prediction model for Plan B
Since its initial release in June, when Bitcoin was valued at less than $40,000, a price prediction model developed by the pseudonymous crypto analyst PlanB has proven to be quite accurate.
It was less than a third of a percent lower than the expected price for the end of August and September, and only 2% lower than the closing price in October.
PlanB’s model predicts that Bitcoin will reach $98,000 by the end of November and end the year at $135,000, but warns investors that the market could reverse at any time due to significant regulatory developments or a black swan event.
Today, a well-known analyst stated, “Forget USD and QE: #bitcoin = 37 ounces of gold.” An illustration of how the value of Bitcoin in gold ounces has steadily increased since 2010.
In addition, there have been significant recent withdrawals from gold ETFs in October, as investors’ lack of interest in the most popular US gold ETFs has fallen by 7% in 2021, possibly due to the emergence of alternative investment vehicles, with Bitcoin stealing the spotlight.
Bitcoin has gradually emerged as a viable alternative to gold as a store of wealth in 2021, with the cryptocurrency’s price skyrocketing. While most other assets have outperformed this year in terms of total return on investment, Bitcoin ROI has outperformed the majority of commodities, equities, currencies, and indexes.
Despite the fact that Bitcoin has grown in popularity as its price has risen significantly, the asset has yet to demonstrate that it can be used as a hedge against inflation.
It’s worth noting that Bitcoin currently has a market capitalization of more than $1.27 trillion and controls 43.6 percent of the global cryptocurrency market.