What was the total number of coins in circulation when Bitcoin hit it's highest price point ever? ...
The ATH was around November 28, 2013.
The "circulated" amount was around 12 million (I eyeballed the blockchain.info charts)
https://blockchain.info/charts/total-bitcoins?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
Why is this question relevant now? Because price is rising again but this time with even more coins in circulation, which obviously point to wider acceptance and perhapes less of a bubble. Is this a valid assumption?
I do not think so.
I believe the price rise is a combination of speculation due to the halving as well as
the miners (mostly the large Chinese farms) pumping the price to the new "norm", so after the halving
they do not make half of what they made prior. They need to get the new "norm" to be around 700+/- USD
to make some profit when btc becomes 12.5 per block.
This of course is pure speculation as well, but I think it makes some sense. Otherwise the miners will be
willing marching themselves off a cliff with their eyes closed. My speculation is the only way that they will
survive the coming halving, besides millions of new users entering and pumping the price naturally.
