Bitcoin Breaks New High Of $28,000. Is Grayscale responsible?
Bitcoin is likely to hit $32,000 or $35,000 before the end of this year. About two hour ago, the world's number one cryptocurrency by market cap reached a new all-time high of $28,422 according to Binance. The market cap of BTC on CMC has also now surpassed $500 billion. The coin seems to confidently maintain Volatility.
On Christmas Day 2020, Bitcoin's market price hit $25k reaching new all-time high of $25,020. This had caused BTC investors to declare the day as a Merry Bitmas day alongside Christmas Day. Bitcoin's market cap which was at $462 billion on that day and surpassed that of Visa, a great financial service company who according to Yahoo Finance has a market cap of $460 billion. Let's not forget on 23rd Dec 2020, the coin did hit low of $22k in BTC/USD chart and was hovering around $23k later in the day. The interesting thing about Bitcoin investment is that investors tend to respond rapidly to crashes.
Have you guys noticed any significance in the price spike relating to the date during the past three days? $25k on Christmas Day(Dec 25), $26k on Boxing Day (Dec 26),($27k on the 27th) and even reached new high of $28,422.
Binance 3 Day BTC/USD Chart
Undoubtedly, Grayscale as an investment giant which added 12,319 BTC on Tuesday is majorly responsible for the surge in price of Bitcoin. Their buy-in has been able to attract potential investors too and asset under their management is currently now worth close to $17 billion. This investment firm bought twice as much Bitcoin as miners created last month.
As at the time of making this content, Bitcoin is worth $27,151 on CMC and is up 9.47% in the last 24hours. It has also experienced a rise in market cap to $506 billion and records a 24hour trading volume of over $66 billion according to CMC.
I won't be shocked if by end of the year, BTC's market value has skyrocketed to $35,000 and then $50,000 by next year. By then, it will be said that we are fully welcoming the emergence of the bull run. Let's fasten our seat belt and wait as we anticipate the bullish era come 2021.
Posted Using LeoFinance Beta