The main cryptocurrency has approached another important price milestone: the day before, Bitcoin confidently crossed the $ 30,000 line and set a record at $ 34,684.
According to many market players, the 30,000 zone has become a psychological barrier, since many traders are guided by the whole “beautiful” numbers on the chart. In addition, given the rapid growth of BTC in recent years, there is not so much reason for a technical analysis of the price movement of an asset – other than such ephemeral frontiers. Be that as it may, against the backdrop of leaps, the first cryptocurrency surpassed the capitalizations of many popular companies.
At the same time, the share of Bitcoin in the total market capitalization now exceeds 68 percent. In the cryptocurrency community and beyond, BTC is currently the most discussed investment when it comes to the digital economy. In addition, Bitcoin reached the ninth line in the ranking of global assets according to the AssetDash platform.
We checked the actual data: today, Bitcoin managed to adjust below $ 29 thousand, as a result of which the volume of the cryptocurrency rate drawdown per day amounted to 10.1 percent. In this regard, the position of the main blockchain asset in the rating of large market caps has slightly shaken, but it still managed to keep the ninth line.
Here is a graph of the cryptocurrency rate for a week. The current subsidence is clearly visible.
New records for Bitcoin
2020 ended for Bitcoin with a steady growth to new records. The monthly volume of transactions on the cryptocurrency network reached $ 252.37 billion by the New Year – the highest value since December 2017. The size of the mempool or the number of unconfirmed transactions in the queue to hit the block also indicates the increased activity of cryptocurrency users.
Amid the skyrocketing price, Bitcoin has given the world many new millionaires, if we take into account the amount of funds on the largest cryptocurrency wallets. All this is due to the huge interest in crypto from institutional investors, who now hold an impressive amount of BTC on their balances.
It looks like hobbyist adoption is also aiming for new heights, with Bitcoin searches peaking since February 2018, according to Google Trends. Note that here the data is taken into account exactly on the English-language request “bitcoin”.
The capitalization of the main cryptocurrency today is $ 575 billion. It now ranks ninth in the world’s asset ranking. BTC’s closest rivals in this matter are Alibaba Group Holding, Tesla, Tencent and Facebook.
It is noteworthy that not long ago Bitcoin surpassed the American holding company Berkshire Hathaway in terms of capitalization, the CEO of which is the world famous investor Warren Buffett. This is ironic, as Buffett called Bitcoin “rat poison squared” a couple of years ago, reports Cointelegraph. Now the cryptocurrency surpasses his company in terms of the amount of invested funds.
It is important to note that Bitcoin surpassed the $ 34K level on Sunday. In this price range, BTC surpassed Alibaba in terms of capitalization, that is, Tesla was the closest neighbor in terms of this indicator.
To rank first in the asset rankings, Bitcoin needs to surpass its $ 2.255 trillion market cap. Taking into account its current 575 billion, we are talking about a jump of 3.92 times – that is, an increase in the rate above 121 thousand dollars per BTC.
We believe that the cryptocurrency has a chance to take first place in the mentioned rating. Yet, not so long ago, Bitcoin exceeded its maximum of 20 thousand dollars, after which it reached 34 thousand. And as many analysts believe, the market is only at the initial stage of a new bull run – that is, a stage of growth. If this rate is maintained in the long term, cryptocurrency can really surprise. And this also applies to Ethereum, Polkadot, Link and other popular projects at the top of the coin rating.
So here investors have to wait and make appropriate decisions. There are conditions for increasing your investments in the market.