Digital currency bitcoin proves its dominance in the market. Bitcoin successfully beat its all-time high record from three years ago only a few days into 2021. After hitting as high as $33,099 on Saturday, bitcoin still surged until it surpassed $34K today.
According to a report from Reuters, bitcoin has been skyrocketing since two weeks ago from the initial price valuing at around $20,000. With the year-end surge, bitcoin’s performance in 2020 alone hit 300%. On Saturday, the cryptocurrency traded as high as $33,099, 12% up from $32,883. Accordingly, altcoins such as Ethereum also surged 465% in 2020. It also followed bitcoin’s competitive nature and increased nearly by 7% on Saturday.
Bitcoin worth over $34K, beating publicly traded companies
Earlier today, Coindesk reported that bitcoin was traded around $34,400 at 02:30 EST Sunday. Bitcoin’s value is currently beating out nine publicly traded companies. With over $595 billion of market value, bitcoin sits amidst Alibaba at $648.3 billion and Berkshire Hathaway at $543.7 billion. Additionally, Coindesk mentioned that bitcoin has overtaken Saudi Riyal into 17th place as the world’s most valuable currencies.
Bitcoin has been in the market for only around a decade. Despite that, the ballooning demand in 2020 proves its potential in the long run. Currently, the public sees bitcoin as a safe-haven, especially during the COVID-19 pandemic. Inflation-hedging qualities, the potential for quick gains and future expectation on bitcoin development as a mainstream payment method are some considerations why investors have started to gain interest in bitcoin.
Antoni Trenchev, co-founder Nexo London expects bitcoin to rise to $50,000 in 2021’s first quarter. With institutional investors back from holiday, bitcoin price might multiply in the upcoming week, Bloomberg notes.
However, Bloomberg suggests avoiding a rushed purchase of bitcoin. Despite bitcoin’s consistent rise, it is still a thinly traded market.
Read also: Bitcoin Predicted to Fall in Early 2021, Time to Buy?
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