Bitcoin (BTCIt continued its steep rise in the weekend, topping $ 27,000 on Dec 27th. Moreover, Bitcoin’s market cap exceeded half a trillion dollars for the first time ever.
Bitcoin’s market cap has exceeded $ 500,000,000,000
Bitcoin’s new record levels come in under three days After breaking the resistance at $ 24,000. It also means that the price of BTC has now doubled over the past two months after gaining nearly $ 10,000 in the month of December alone.
Bitcoin has a market capitalization of more than $ 510 billion, placing it under Warren Buffett’s Berkshire Hathaway, the tenth largest company in the world. This comes Less than a day after overtaking Visa market value.
As Cointelegraph mentioned, The sudden rally at the end of this week put the bitcoin price above the average trend line of the stock flow model (around $ 24,900), which You expect $ 100,000By December 2021.
At the same time, it appears that the current bullish cycle is taking place Different and more sustainable than it was in 2017 With many traders expecting further rally over the coming months. Include the reasons for this Institutional buying madnessStronger Basics, Lack of available supply On exchanges, and still is Relatively little attention from retail buyers.
However, this does not rule out the possibility of major downturns in the near term, especially since the bitcoin price appears to be heading towards the next psychological resistance at $ 30,000.
Vertical movements often end with a quick correction (remember summer 2019? These quick corrections are made to create a sideways range, » warned Michael Van DePope, analyst at Cointelegraph Markets, on Dec. 27. He added:
Do not go out of the patch. The bull market will last longer. You have a longer horizon.