Bitcoin’s price continued its historic career and reached a high of $40,000. What drove it? How far will it go?
Just yesterday Bitcoin broke an all-time high and, in less than 24 hours, continued its run to do so again and set it at $40,000.
Global Instability Remains a Catalyst in Bitcoin’s Historic Race
2020 was a key year for Bitcoin precisely because the instability and uncertainty in the world created the perfect framework for adoption.
Just yesterday, when the U.S. Senate was about to certify the election results in Washington DC, an angry mob broke in and stopped the procedure.
As soon as the news broke, around 7 pm GMT on Wednesday, the price of the leading crypto jumped from USD 34,493 to USD 36,095 in one hour and continued to rise. Thus, according to CoinMarketCap data, today began with a Bitcoin price of over USD 37,000.
And, at the time of writing, the price of Bitcoin stands at over $39,000, having managed to rise above $40,000 and thus set a new record.
It’s important to remember that, instead of parabolic growth in the short term, Bitcoin has been on a steady upward trajectory since March of last year.
However, we’re not exempt from crypto market corrections. In fact, Michaël van de Popp, an analyst at CoinTelegraph Markets, said that „the market will probably continue to function strongly next year. But with standard corrections of 20-30%, be prepared because they happen and they are opportunities“.
To which we can add the comment of Barry Silbert who assured that it was curious to think that „a setback at 20,000 dollars would feel like the buying opportunity of a lifetime“.
What will be Bitcoin’s next move in his historic career? Will it continue?
Where will Bitcoin be in 2 years?
The Bitcoin whales are accumulating, is scarcity just around the corner?
A recent report by Kraken concludes that there’s a substantial increase in the accumulation of Bitcoin by whales.
To be more specific, the total number of Bitcoin crypto whales that have more than 100 BTC has exceeded 16,300, a figure that hasn’t been seen since March 16, 2020.
However, not only are there more whales, they’re also increasing their reserves since, according to Kraken, the total amount of Bitcoin in these directions reached approximately 11.46 million BTC in December.
It’s precisely the accumulation by whales that is a key element that influences the price of the leading crypto.
Bitcoin Whales Mobilize Over 95,000 BTCs in 24 Hours
Total crypto market capitalization will double in 6 months
Just yesterday the crypto market managed to reach a market capitalization of USD 1 trillion. It was not an easy task, it took the crypto community 10 years to achieve it.
However, Erik Voorhees, CEO of ShapeShift, predicted today that the crypto market will repeat this feat in just six months.
„Crypto market capitalization: $1 billion It took ten years. It will take less than six months to reach $2 billion,“ Voorhees wrote.
Crypto market reached $1 trillion capitalization
Brad Garlinghouse addressed the XRP community
As we have previously mentioned in Crypt Trend, the situation regarding XRP has only become more complicated as the days go by.
Today Brad Garlinghouse, CEO of Ripple, turned to Twitter to communicate with the crypto community.
„I can’t go into detail, but I want you to know that we are trying, and will continue to try, to resolve this in some way so that the XRP community can continue to innovate, consumers are protected and markets are preserved,“ Garlinghouse wrote.
XRP whales are rapidly declining
Former Fed Governor Kevin Warsh Joins Crypto Community
During an interview with CNBC’s Andrew Ross Sorkin, Kevin Warsh, former Fed governor and even former Bitcoin skeptic, said he sees potential in leading crypto.
„If Bitcoin didn’t exist, gold would be recovering even more right now,“ he explained. „But I guess if you’re under 40, Bitcoin is your new gold.
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