Bitcoin has reached an all-time high of $148 million this quarter on the square cash application. Kevin Rooke, a cryptocurrency analyst stated that the continued growth of cryptocurrency payments made from the app equates to a 244% YoY.
Square customers bought $148 million of Bitcoin last quarter on Cash App!
That’s a 6th straight quarter of growth and 244% growth YoY.
TO THE MOON 🚀 pic.twitter.com/dplqYCwM3b
— Kevin Rooke (@kerooke) November 6, 2019
Although the $150 million could be seen as an insignificant amount of money compared to bitcoin’s overall market cap, it pays to mention that some analysts have come to the conclusion that the application is accounting for a large portion of BTC trades.
Bitcoin’s strong performance continues in the face of a strong downturn from its previous high of $20,000 that was made back in 2017. The coin remains below 50% of its ATH value.