Bitcoin could double the current level of 100,000 dollar next year. This is due to the recent rebound in bitcoin prices, which has re-entered the market capitalization of cryptocurrency by $2 trillion.
According to CNBC, the price of Bitcoin surpassed $48,000 in the weekend, raising the market capitalization of virtual currency to the level of May.
Vijay Ayar, head of the business development department of the cryptocurrency exchange Luna, explained that the increase in market capitalization was due to a “large accumulation” in which investors increased their purchases when Bitcoin remained at 29,000 to 30,000 dollars.
With the recovery of market capitalization, positive prospects for Bitcoin are gaining momentum. Limited Choo, chairman of the cryptocurrency investment company KENETIC CAPITAL, predicted that Bitcoin will rise to 55,000 U.S. dollars this year. He added that Bitcoin could fall below $30,000 before the long-term rally, but it will reach $100,000 next year.
Bitcoin hit a record high of $64,000 in April and “half-cut” in June and July, but it is currently recovering.
Meanwhile, the cryptocurrency market suffered throughout the summer. Bitcoin fell below $30,000 as Chinese authorities introduced regulations on cryptocurrency mining. As the U.S. Senate passed a large-scale infrastructure bill that would raise $28 billion through the taxation of cryptocurrency, Bitcoin prices continued to soar.
