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According to a strategist at Bank of America , Bitcoin’s 2023 rally could have room to run. Specifically, the banks stated the possibility that the asset’s movement between both cryptocurrency exchanges and personal wallets is a guiding factor. In the week of April 4, a net of $368 million Bitcoin was sent to personal wallets. Moreover, the development was noted as the second-largest Bitcoin outflow from crypto exchanges, according to strategists Alkesh Shah and Andrew Moss, in a note obtained by Bloomberg. Source: Bloomberg BofA Talks Bitcoin 2023 Rally According to strategists at Bank of America , Bitcoin’s rather impressive 2023 rally could have room to run. Moreover, in a note released by Bloomberg, two strategists note the tremendous outflow from crypto exchanges to personal custody wallets as a potential attributing factor. “Investors transfer tokens from exchange wallets to their personal wallets when they intend to hold them (or HODL), indicating a potential dec...

In mid-November 2022, Bitcoin’s market cap dominance dropped down to 35.27%. Post a gradual recovery, the number now stands at ~40%. The market cap dominance reveals the asset’s percentage share in the total crypto circulating market cap. Thus, the higher the percentage, the more dominant and vice versa. Leaving aside the crypto industry, Bitcoin’s market cap exceeds a host of prominent names from traditional finance. Multinational financial service companies and investment banks like Bank of America , Insurance Corporation of British Columbia [ ICBC ], and Wells Fargo are currently valued at $273 billion, $218.4 billion, and $161.6 billion respectively. China Construction Bank , one of the “big four” banks in China, is worth $160.1 billion, while Charles Schwab ’s valuation currently stands at $155.03 billion. Trading at a price of $16.7k at press time, the cumulative worth of Bitcoin stood at $324.6 billion. Only JPMorgan Chase had a hig...