“It’s different this time” – 10 Bitcoin charts show that this rally is not like 2017


Bitcoin (BTC) is setting new records in almost every aspect, with the exception of the USD spot price, says a new round-up, which concludes that 2020 is not like the 2017 rally.

In a blog post on Nov. 17, Nic Carter, co-founder of the statistics resource CoinMetrics, highlighted nine charts that are higher than ever as of this week.

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10 diagrams show “significant improvements”

From wallet balances over $ 10, to institutional holdings, to bitcoin spot prices in various fiat currencies, the data shows that bitcoin is outperforming at historical levels.

“In summary, today’s market is far more mature, more financial, more monitored, more orderly, more cautious, less reflective, more capital-efficient and more liquid than the market that drove the previous bull run in 2017,” summarized Carter.

“In these nine charts, I’ve covered a number of factors that have seen significant improvements when we compare today’s market environment to yesterday’s bull run.”

PlanB, developer of the stock-to-flow Bitcoin pricing models, provided another metric – Bitcoin’s 200-week basic moving average.

Bitcoin 200-day moving average with halving events. Source: PlanB / Twitter

All serve to differentiate 2020’s Bitcoin from three years ago, when a few blistering weeks at the end of the fourth quarter produced fleeting all-time highs near $ 20,000.

As Cointelegraph reported, the past few days have spawned a new round of bullish price predictions from known sources claiming that $ 20,000 will not serve as a cap this time around and that breaking the bull run will allow the bull run to continue.

For 2021, companies from crypto investors to traditional banks have set sky-high price targets, including Citibanks $ 318,000 by year-end.

“The fascination has subsided” – Analyst

Still, not everyone is that optimistic. Even as $ 18,000 became a reality this week, a strategist told mainstream media that the lack of advertising Bitcoin is receiving is evidence that interest has died.

“The fascination has subsided,” said Kathy Jones, chief fixed income strategist at the Schwab Center for Financial Research, to Bloomberg:

“They have the hardcore group,” I’m a cryptocurrency investor, “but it hasn’t really expanded because it was so volatile that there were so many questions about security and what regulations could do that. The number of questions I asked now is a fraction of what I got a few years ago when it was really hot. “