Bitcoin continues to gain popularity among U.S. investors, following reports that the flagship cryptocurrency was the second-highest viewed asset after Tesla.
Bitcoin Visibility is on the Rise
According to data from stock charts platform TradingView, Bitcoin saw increased interest among U.S. investors and traders in the month of July. The TradingView data revealed that Bitcoin was the second-most viewed asset, just behind Tesla.
Meanwhile, popular stocks like Apple and Boeing have seen significant declines in the public interest. Indeed, the aviation industry has been one of the hardest hit by the coronavirus pandemic with many countries on lockdown.
The news offers another glimpse into Bitcoin’s growing visibility in the U.S. investment market. Indeed, the previous week saw the news of MicroStrategy, the world’s largest business intelligence firm adding Bitcoin as a treasury reserve asset.
Unlike previous institutional forays into BTC, MicroStrategy’s purchase constituted a direct exposure to the largest crypto by market capitalization. Only a few years prior, the company’s CEO was predicting the demise of Bitcoin.
Since the start of the year, retail Bitcoin adoption has been on a tear with addresses holding 0.01 BTC and 0.1 BTC at an all-time high. Back in April when the U.S. government sent stimulus checks, Coinbase reported a massive spike in $1,200-denominated Bitcoin purchases, the exact sum mailed to Americans.
The massive recovery seen in BTC price since Black Thursday is also a contributing factor to Bitcoin’s rising prominence. With the COVID-19 pandemic causing severe economic problems, investors are increasingly looking for alternative asset classes to hedge against any market crisis.
Stimulus spending plans already in the works among several countries are also likely to cause currency debasement. Wealthy individuals are turning to BTC and gold as a store of value to preserve their holdings.
Bitcoin Breaks $12K Resistance, Bull Run Incoming?
After weeks of attempting to go above the $12,000 price mark, Bitcoin has finally broken above the resistance level and is now trading at about $12,100 as at the time of writing. Some pundits say any sustained price action above $12,000 will see a march to $13,000.
With today’s surge, Bitcoin is now up 70 percent year-to-date (YTD). Indeed, since the Black Thursday crash in mid-March, the BTC price has more than tripled in value.