Kraken director of business development says Bitcoin is just getting started.
In a new viral tweet, Dan Held (aka Dan Hedl) says he believes that 10 years after the launch of BTC, holders of the top cryptocurrency can still be regarded as early investors.
Rafael Schultze-Kraft, founder and analyst at the crypto data firm Glassnode, is backing up Held’s claims.
He cites data from his blockchain data platform that compares the market size of Bitcoin to that of gold, US treasuries and the global currency supply.
“And if you’re wondering just how early we are to #Bitcoin – take a look at its relative market size.”
The king coin’s market size is currently $165 billion, according to the latest data from CoinMarketCap.
While BTC was not spared from the Covid-19-induced economic downturn, it has fully recovered and is now up 24% since January 1st.
Glassnode says overall market sentiment appears to be bullish on BTC, with on-chain activity rising significantly in recent weeks.
“Along with price, on-chain fundamentals are also recovering to pre-crash levels. January and February saw a significant increase in on-chain activity, which fell away in March but is now returning to previous levels…
[An] increase in the number of BTC sent per transaction suggests that the activity is being driven by larger investors, rather than traders and market opportunists.”
At time of writing, Bitcoin is up 2.57% in the last 24 hours at $9,230.