Bitcoin is worth more than $500 billion. When will Bitcoin exceed $30,000?
Bitcoin rebounded in late December, breaking through the rise of the Christmas rally, which has risen about 50 percent since the week before Christmas.
Bitcoin prices have climbed more than 10% in the past 24 hours alone, and investors are now looking for the first time at the $30,000 psychological price of Bitcoin. So for the first time, the total value of all bitcoin in circulation exceeds $500 billion.
“I think Bitcoin is going great, either as the only cryptocurrency to rise during this period, or as a market value of $500 billion. Because most traditional financing will not arrive until mid-and late January .” Mas Kuhn (Thomas Kuhn), director of research and trading Mine Digital the Bitcoin and Encryption Exchange in Australia, said by cable,
“I’ m hard to bet here, but if the timeline exceeds 12 months, Bitcoin will be worth as much as $1 trillion !”
After a well-known bitcoin investor sold off half of bitcoin holdings last week, bitcoin and encrypted currency traders asked where the surge in bitcoin would end.
“The big rise in Bitcoin prices during Christmas was largely driven by retail investors, as traditional markets were closed ,” Marc Bernegger Bitcoin pioneer, a member of the encrypted financial group (Crypto Finance Group), said in an email review.
“I wouldn’t be surprised if there were a healthy correction in these markets on Monday. There are now far more professional investors in bitcoin than there have been big short-term gains in the past, leading to faster price fixes and lower long-term volatility .”
This year, more and more prominent investors and Wall Street giants have listed Bitcoin as a potential inflation hedge, hoping to protect themselves from the wave of inflation caused by unprecedented government spending after the new coronavirus pandemic.
CryptoCompare chief executive Charles Hett (Charles Hayter) said in an e-mail :” There is no sign of stopping printing money, and printing machine is driving Bitcoin. The fund is pouring into bitcoin, and it’s just beginning .”
British fund managers Ruffer Investment Management announced last week that they had bought $745 million worth of bitcoin, pushing the price of bitcoin up to more than $20,000, which is widely seen as a sign of rising interest from institutional investors.
He added :” The three giants of institutions, regulators and retail will ensure volatility remains in the game .” He noted that the CryptoCompare volatility index “shows that the implied volatility has not disappeared .”
Last week, the company behind XRP digital tokens was sued by the Securities and Exchange Commission for illegal marketing to retail investors XRP, a news that shocked the Bitcoin and encrypted currency communities.