Bitcoin Market Cap Hits New Record High of $14.6 Billion

The market cap of all Bitcoin in circulation has exploded in overnight trading to a new all-time high of $14.59 billion, surpassing the previous record high that was set 37-months earlier on December 4, 2013 of $13.9 billion! Although the price of a single Bitcoin still hasn’t reached its record high USD price set on the same day of over $1,150 – there are now 33% more Bitcoins in circulation today than on December 4, 2013.

Bitcoin rallied 10.27% in overnight trading to a new three-year high of $908.85 – its largest single-day percentage gain in over 6 months! Back on June 13, 2016 when Bitcoin gained 11.84% in a single day to $664.85, it was exactly two weeks after NIA’s official suggestion of Bitcoin on May 30, 2016 at $531.56!

When NIA suggested Bitcoin on May 30, 2016 at $531.56 it conducted an in-depth technical analysis review. NIA’s announcement coincided with Bitcoin making an explosive breakout from a bullish pennant pattern! NIA was so extremely confident that its members would see Bitcoin make astronomical gains in the following days/weeks that it predicted in the subject of its report that Bitcoin prices would surpass $675 within 60 days.

It is rare for NIA to make such a bold prediction – so it was trying to be conservative with its immediate-term outlookBitcoin reached a short-term peak on June 17, 2016 of $762.43 where NIA members were up 43.43% in only 18 days!

bitcoinprice

By waiting to confirm a breach of Bitcoin’s key breakout point, NIA’s suggestion of Bitcoin was impeccably timed! Not only did NIA members participate in Bitcoin’s most explosive immediate-term rally of the past 18 months – they had an opportunity to take advantage of Bitcoin’s halving event that NIA discussed in its report as a major fundamental catalyst for a continued medium-term rally!

The previous Bitcoin halving event that occurred four years earlier caused Bitcoin inflation to instantly decline from 30.17% down to only 14.78%, which ignited a 1,118% rally in the price of Bitcoin! In recent months, the latest Bitcoin halving event has caused Bitcoin inflation to once again make a dramatic decline from 9.18% down to 4.26% while the price of Bitcoin has nearly doubled!bitcoinhalvingevents