BTC, Cryptos Prepare for Possible ‘Santa Rally’

Data from CoinMetrics shows that crypto whales now hold 42.1% of Bitcoin’s current supply. This is a slight increase compared to 37.9% two years back and analysts have interpreted the increase as a positive sign, as it shows large investors have been accumulating Bitcoin during its bear phase. There is, however, no major change in the top 1,000 addresses, as their holdings only inched up from 34.4% at the end of 2017 to 34.8%, according to Flipside.

While retail traders have been worried about picking a bottom, large investors are looking at the possible upside to be attained over the next few years. Mark Yusko, the chief executive and chief investment officer at Morgan Creek Capital Management, anticipates Bitcoin to rally to $100,000 by 2021 and to $250,000 by 2025. By 2030, Yusko expects Bitcoin to reach “gold equivalence” and rise to $400,000 or $500,000.

Daily cryptocurrency market performance. Source: Coin360

Major financial firms have recognized the increasing demand…