Bitcoin, new from one of the wildest years in its short history, has risen sharply again, breaking through the $ 30,000 per bitcoin level and delivering a total bitcoin value of over $ 600 billion.
The price of bitcoin is up almost 10% in the first two days of 2021 alone, putting it in a voting position to become one of the best performing funds in the year and helping it to adding market capitalization to large Visa payments.
Now, as the bitcoin and cryptocurrency community celebrates the latest price increase, investors are already wondering how long the rally will last – and whether bitcoin will pass on to Tesla. soon
TSLA
MSFT
GOOG
AAPL
Bitcoin has started 2021 with a bang, climbing around 10% giving the price of bitcoin over $ 30,000 each … [+]
SOPA / LightRocket Images via Getty Images
“Perhaps the huge rise in the price of bitcoin since Christmas is just the beginning of the next round up for digital assets,” Marc Bernegger, a pioneer of bitcoin and a member of the Board of Crypto Finance Group, said via email. “Compared to the past retail investors are mostly not buying into digital assets but more and more institutional investors are looking at bitcoin as a new asset class that emerges. ”
The price of bitcoin has added 20% since December 25, adding gains of more than 300% for 2020. Bitcoin’s momentum, taking it far and its 2017 high of around $ 20,000 per bitcoin, has been inspired by PayPal
PYPL
The rally has rounded the total market value of all bitcoin tokens in circulation from less than $ 200 billion in October to more than $ 600 billion now, with bitcoin surpassing the $ 511 billion Visa market cap. this week.
Bitcoin is now poised to surpass $ 668 billion worth of electric car company Elon Musk, although Tesla has seen its value soar at a similar pace to bitcoin a few months ago when investors rallied into stock before being introduced into the S&P 500.
The price of bitcoin would have to climb to $ 36,000 for the total value of bitcoin to the top of Tesla’s current market cap – something many in the bitcoin and cryptocurrency community expect to happen sooner rather than later.
The price of bitcoin soared through December and has more than quadrupled over the past 12 months.
Coinbase
Ryan Selkis, founder of crypto data company Messari, pointed out October forecast bitcoin will be worth $ 150,000 per token by the end of 2021 when asked about bitcoin s prospects.
That would give bitcoin a market cap of $ 2.7 trillion – surpassing $ 778 billion Facebook, $ 1.1 trillion at Google, Amazon
AMZN
“My opinion is that one bitcoin will be worth more than $ 1 million in this decade,” Cory Klippsten, chief executive of Swan Swan’s bitcoin buying app, said via Telegram. “I don’t know what route it will take to reach that level, however, and I would warn you not to listen to anyone who says that them. ”
If bitcoin eventually reaches the price of $ 1 million per bitcoin, the total value of bitcoin would be over $ 18 trillion.
However, Selkis warned prospective investors to “have a plan and stick to it because otherwise your emotions will take over” if the price of bitcoin suddenly moves.
The price of bitcoin is very volatile and two-digit percentages are known to be converted in just minutes. The price of bitcoin fell to less than $ 4,000 per bitcoin in March amid the wider coronavirus sales before quickly recovering.
While many bitcoin and crypto investors expect to see a correction soon, the vast majority enters 2021.
“I would not be surprised to see a healthy short-term correction after reaching a number of new highs in just a few days but given the strong demand from professional and non-professional investors I remain very optimistic for mid- time and especially in the long run, “Bernegger said.
Klippsten also warned prospective investors to conduct their research before jumping into the bitcoin market.
“As always, you’re better off investing in what you know, bitcoin isn’t much different,” said Klippsten, who has used Swan Bitcoin to raise awareness. on how the cryptocurrency works.
“The value that people choose to store in the bitcoin protocol is generally related to their understanding of bitcoin. If you buy a lot of something that you don’t understand, you are much more likely to buy high and sell low. So think about buying some bitcoin as part of your educational process, rather than trading in the hope of a quick profit. “