BREAKDOWN: 10 Metrics Where Bitcoin Has Already Hit New All-Time Highs
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 20 November 2020
⏱️ 15 minutes
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Summary
While we haven’t achieved the elusive $20,000 spot price all-time high yet, these other metrics show where bitcoin has grown far beyond previous peaks.
This episode is sponsored by Crypto.com and Nexo.io.
Earlier this week, investor Nic Carter published a piece called “Nine Bitcoin Charts Already at All-Time Highs” showing just how far bitcoin had come and how fundamentally bullish this quiet run-up was.
In this piece, NLW goes over those metrics that have achieved all-time highs, and adds one more that happened after Nic published his piece. The metrics include:
- Addresses with a balance of $10 or more
- Open interest on CME bitcoin futures
- Realized capitalization
- Bitcoin options open interest
- Bitcoin priced in Turkish lira
- Bitcoin held by Grayscale
- Stablecoin free float
- Silvergate’s settlement network
- Growth of crypto-native credit
- Market Capitalization
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Transcript
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| 0:00.0 | I think what these numbers together show is just how rich and strong and fundamental this rally is. |
| 0:07.6 | But what's clear and what's important is that it is not based on some mania, it is not based on some set of media, |
| 0:14.3 | it is based on a fundamental long-term growing strength, based on a correct understanding of what Bitcoin can do and where it |
| 0:22.9 | fits in the larger macro environment. And that's pretty awesome to see. Welcome back to the |
| 0:29.6 | breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts |
| 0:36.5 | remaking our world. |
| 0:38.1 | The breakdown is sponsored by crypto.com and nexo.io and produced and distributed by CoinDest. |
| 0:46.0 | What's going on, guys? It is Friday, November 20th, and I have a fun little one for you today. |
| 0:53.1 | This episode was inspired by Nick Carter's most recent essay. |
| 0:59.2 | Nick has been on this show multiple times. He's an investor with Castle Island, as well as being a |
| 1:04.3 | co-founder of Coin Metrics. And Nick noticed that in this amazing run-up that we've been living |
| 1:10.5 | through, the one where we've come tantalizingly close to that huge psychological barrier of 20,000 per Bitcoin, |
| 1:18.2 | it was happening without the same sort of fanfare in retail mania that happened in the ICO days of 2017. |
| 1:25.4 | Nick wanted to see if data could explain what was going on, so he dug in. Now, |
| 1:31.9 | I highly recommend you go check out his piece because some of the charts he uses are much |
| 1:36.6 | easier if you see them than just hear about them, but still this should give you an overview |
| 1:40.9 | of some of the most exciting areas where Bitcoin is already minting new |
| 1:45.7 | all-time highs. The first area is addresses with a balance of $10 or more. So the metric is a proxy |
| 1:54.1 | for the number of people who own Bitcoin. The previous peak in late 2017, early 2018 for this number was a little over 14 million |
| 2:03.6 | individual addresses with 10 Bitcoin or more. That number is now over 18 million. Nick also notes |
| 2:10.3 | that this is true for every other threshold. Pick, a dollar, $100, $1,000, it's all at all-time highs. Now, it's also worth noting that one address |
| 2:20.6 | does not equal one human, right? You can have more than one Bitcoin address, but still it |
... |
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