Crypto, bitcoin and cryptocurrencies update for Thursday, December 3rd, 2020 (12-3-20).đź’° LIMITED TIME: Get 2 FREE STOCKS ON WEBULL when you deposit $100 (Valued up to $1400) đź’°
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As of publishing this video, the current price of 1 Bitcoin is $19,458.
In fact, the demand for Bitcoin has never been higher, as a record 432,451 “active entities,” which are wallet deposits or withdrawals in a 24 hour period, were counted yesterday.
That exceeds the 410,972 active entities registered on Dec. 9, 2017.
Philip Gradwell, chief economist at blockchain intelligence firm Chainalysis explained: “When there’s greater usage, there’s more demand for the cryptocurrency, and that drives the price up.”
It seems like it’s not a matter of if Bitcoin will top $20,000, but when it will accomplish this feat.
Meanwhile, Shark Tank Icon Mr. Wonderful, aka Kevin O’Leary, is interested, but cautious about investing in cryptocurrencies.
While he is hesitant to put his entire portfolio in Bitcoin, due to it being: “too volatile and illiquid,” O’Leary hopes to invest in crypto in a unique way.
Mr. Wonderful explained: “Give me the top 7 cryptocurrencies, put them into an ETF wrapper, and let me invest in it with liquidity so that if I want to buy a million dollars of it in the morning and sell a million dollars in the afternoon, I can do that in an ETF format.”
With so many eyes on Bitcoin and other cryptocurrencies right now, this sounds like a great idea and I wouldn’t be surprised to see a crypto ETF sometime in the near future.
Finally, Bitcoin isn’t the only cryptocurrency going absolutely bonkers in price right now.
In fact, Bitcoin is actually seeing less percentage gained (15%) in the past week compared to other top 5 cryptocurrencies.
For example, Etherium, the second largest crypto, has gained 20% in the past week, and the third largest cryptocurrency, XRP, has risen almost 25%.
Greg King, CEO of Osprey Funds, explained the rise of different cryptocurrencies, stating: “Part of what’s going on is simple math. Smaller coins can have bigger [percentage] moves and there are a lot of other coins that people can invest in.”
At this point in time, the current value of all the bitcoin in circulation is about $360 billion, Ethereum’s value is over $70 billion, and XRP is about $30 billion.
With no end in sight to the historic rise of Bitcoin and other crypto’s, keep an eye out on this channel for the latest information and tips to buy and sell cryptocurrencies.
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