Bitcoin price has risen almost 3%, pushing capitalization to reach $ 441 billion, regaining momentum
Bitcoin price has risen almost 3%, pushing capitalization to reach $ 441 billion and sparking hopes that the cryptocurrency will break the $ 24,000 threshold again. At the beginning of December 25, Bitcoin temporarily recorded a level of $ 23,702, up 3%, or more than $ 600. Over the past 24 hours, Bitcoin’s price recorded as low as $ 22,716 and as high as $ 23,813.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price today: Regaining momentum, surpassed $ 23,700
According to CoinMarketCap statistics, the volume of Bitcoin transactions in the past 24 hours stood at $ 40.9 billion, down $ 11 billion. In contrast, the market capitalization recorded $ 431 billion, an increase of about $ 10 billion.
Bitcoin’s rebound raises hopes that BTC will hit a new all-time high in 2020. Many professional traders and market analysts think Bitcoin will go far. According to trader Sergey Nazarov, co-founder of Chainlink, expect Bitcoin to surpass $ 100,000 soon.
The two main reasons driving Bitcoin prices are rising inflation and increasingly negative attitudes about modern monetary policy that are causing investors to look for alternative ways to preserve assets. Second, the growing need for decentralized finance and the advantages of cryptocurrency.
Venture capitalist Tyler Winklevoss even thinks that Bitcoin could reach $ 500,000. According to him, Bitcoin has an increasing role in the global financial system.
Besides, many investment funds and large organizations have increased investment in Bitcoin, making this cryptocurrency even more interested. Accordingly, PayPal – one of the largest online payment services in the world – and large investors are also rushing to buy Bitcoin as a form of storing assets. Before that, PayPal announced that PayPal digital currency transactions and payments would be available to all customers in the US. Transactions are limited to $ 20,000/week, double the expected announcement at $ 10,000.
In the market, the influence of Bitcoin, many of the top cryptocurrencies is green again. Accordingly, Ethereum increased 3.2%, XRP increased 22%, Liteocoin increased 5.3%, Bitcoin Cash increased 5.7%, Cardano increased by 8.2%, Binance Coin increased 3%. Total market capitalization recorded at 7:30 is $ 647.4 billion, up 3.7%. However, the transaction volume decreased by 16.5% to only $ 188.2 billion.
Guggenheim Investments: BTC should be valued at $400,000
Scott Minerd, the global head of investment at the $270 billion asset management giant Guggenheim Investments, said BTC should be valued at $400,000. According to Minerd, his firm’s analysis is based on scarcity and relative valuation such as things like gold as a percentage of GDP.
In a new video, Martin points to BTC’s total supply cap of 21 million coins and governmental policy choices, which he says both lend credence to that theory.
He stated:
“If you use gold’s market cap as a target and use that as a relative valuation model if Bitcoin does eat into gold’s market cap over the next 100 years, then I actually do think the $400,000 price target that Scott Minerd gave – and I imagine a lot of other soon-to-be Bitcoiners will be giving – actually does make sense, especially when you account that store-of-value assets are much bigger than just gold.”
Martin says the institutional players entering the Bitcoin space, including large firms like MicroStrategy, hedge funds, and insurance companies, are not buying Bitcoin for a 5-10% trade. They’re buying because they’re betting that Bitcoin will eat into gold’s market cap.
You can see the BTC price here.
Read more:
- Michael Saylor, MicroStrategy CEO: Flow Of Money From Conventional Assets Into Bitcoin Not A Bubble
- Grayscale Investments Reached $16.4B In AUM, Adds $3.4B In 1 Week