Perfectly timed and exactly three years apart from its previous high, Bitcoin set an all-time high today, Thursday, shortly after 5:00 a.m., when its price crossed the $ 22,000 mark – its highest level ever.
The average price of Bitcoin (BTC) reached $ 22,074 this morning, after a 14% jump in just one day, according to CoinMarketCap, which centralizes trading data on hundreds of crypto exchanges around the world.
With an all-time record breaking, the price of bitcoin completes a jump of about 25% in the last month – and a huge jump of 187% since the beginning of the year. Its current price reflects a market value of close to $ 410 billion for Bitcoin – and in that, too, it sets a historic record.
Bitcoin is the first and largest currency in value in the crypto market, which currently numbers more than 8,000 different types of currencies. The market value of Bitcoin alone is about 65% of the total value of the cryptocurrency market.
Already yesterday afternoon, as we reported on the Globes website, Bitcoin broke the all-time record it set on December 17, 2017, and then stood at $ 20,089. At around 16:00 on Wednesday, Bitcoin crossed the $ 20,000 threshold for the first time since December 2017, but it was not content with that.
From then until Thursday morning, the price of Bitcoin continued to climb rapidly – so that the record set this morning is already about $ 2,000 higher than its previous historical record.
In contrast to the historic Bitcoin rally in 2017, which eventually set its previous high, this time there are signs that the market involves many more institutional investors, including hedge funds and family office entities.
Scott Maynard, chief investment officer of Guggenheim, a $ 270 billion financial asset manager, said in an interview with Bloomberg yesterday that the combination of Bitcoin’s limited supply and the “raging money printing” by the US Federal Reserve may continue to push Raises the price of Bitcoin – so that in the end, it will reach the level of $ 400,000.
Mick McGallon, Bloomberg’s intelligence strategist, yesterday referred to the peak of bitcoin in a report he published. “The lowest annual volatility ever in the price of Bitcoin compared to the price of gold and the stock market, as of the end of 2020, may allow the progress of cryptocurrency performance in 2021.” McGallon noted that the price-to-gold ratio of Bitcoin may rise from a current level of 12 times to a level of 100 times, if the Bitcoin rally continues.
Manny Rosenfeld, chairman of the Israeli Bitcoin Association, told Globes yesterday that “the value of Bitcoin reflects the possibilities inherent in it and the economy it represents, as well as its uses. However, it must be said right now: the Bitcoin exchange rate is changing rapidly, and it is impossible to predict it in the short term.
“The fact that the gate has doubled more than five times what it was only in March this year is impressive, but such increases can be quickly replaced by declines. Therefore, despite the enthusiasm, we recommend new users to study the subject before entering the market, and not invest more To afford to lose. “