In a season of love and care, Bitcoin has just risen to a new all-time high as it climbed above $49,000 to as high as $49,357 on Bitstamp. This current spike in price caps of a wonderful week for the asset which was in the limelight for most part of the week due to the recent acquisition of the digital asset by Tesla and also other major announcements made by other top institutions about their interest in the coin too.
With this recent rise in price, the market cap of the crypto king also edged very close to $1 trillion with it already surpassing the market cap of the automobile giant Tesla. Apart from the institutional investors, the run of the coin to this new high was also aided by the high stablecoin inflows, and a prolonged consolidation phase.
Recently, Cryptoquant reported that the Stablecoin Supply Ratio (SSR) was also rising in tandem with the price of the asset especially as it rallied from the mid-$30,000. This indicator usually ratios the market cap of the asset with other aggregated stable coins. And currently, the price surge of the coin has been almost the same with the SSR indicator which means that demand for the coin was actually made by traders from the spot market.
Away from the SSR indicator, the prolonged consolidation period the coin witnessed around the $38,000 mark also played a part. During this phase, the coin witnessed more positive news about its adoption and acceptance by the public plus the positives the SSR indicator witnessed, this helped push the price to this new high.
Hopes remain high that the value of the coin would continue to witness the current rally especially as more institutions adopt the asset and with the SSR indicator remaining positive, the asset would be able to break the coveted $50,000 mark soon.