The second, a positive driver of sentiment, is increasing adoption.
“We have limited supply and an increasing demand with companies [getting involved] as diverse as Walmart, Visa, Square, Tesla, even Starbucks with an app that you can buy coffee using your bitcoin. So we know the demand is going up,” Tengler said during the same interview.
The third is concentration risk. She estimates that 2.4% of bitcoin accounts control roughly 95% of the overall available bitcoin.
It’s not just bitcoin seeing big moves in the crypto space. Bitcoin is up 92% this year, while ethereum, ripple and litecoin have enjoyed rallies in the triple digits. The meme cryptocurrency dogecoin is up an eye-popping 8,282% in 2021.