In an unexpected movement for many, the price of Bitcoin (BTC) managed to rise to a new all-time high, leaving behind any psychological barrier but finding itself in uncharted waters.
Bitcoin in uncharted waters after breaking its psychological barrier
Yes, the price of Bitcoin managed to break the barrier of $ 20,000 just one month after registering its last all-time high of $ 19,850.
Currently, according to the CryptoTrend tool, Crypto Online, the price of Bitcoin is USD 20,766, leaving that psychological barrier in the past.
Everything seems to indicate that this rally is completely different from that of December 2017, especially institutional demand has positioned itself as a differentiating element.
In fact, investors today have a clear investment strategy in Bitcoin: long-term hedging. As we have previously mentioned in CryptoTrend, Bitcoin demonstrated its potential during 2020 and investors noticed it.
However, the question in the crypto market is: what comes next? We are in completely uncharted waters, Bitcoin is literally exploring new territory.
In fact, a crypto trader and analyst on Twitter named Cheds told CoinTelegraph that nothing is written, but what happens next could make history.
«Are we flying at 30k? Or do we go back to 14k…? One thing’s for sure with this new breakout, $ BTC #Bitcoin will get a lot more eyes! », emphasized the crypto trader.
Meanwhile, strategist Raoul Pal assured that the leading crypto is taking over the world thanks to annualized returns of approximately 200%.
However, we must think ahead and according to Alex Mashinsky, CEO of Celsius Network, Bitcoin will test at least half a dozen times levels between the $ 20K and $ 22K range. But, according to Decrypt, Mashinsky also sees possible a pullback to a range between $ 14K and $ 16K.
Market Cap of Leading Crypto Exceeds JPMorgan
Yes it is. Bitcoin after surpassing $ 20,000 and setting a new all-time high, managed to increase its market capitalization above that of JPMorgan.
According to CoinMarketCap, the market cap of the leading crypto is $ 385 billion, while the capitalization JPMorgan Chase’s market share is approximately $ 367 billion.
New Bitcoin whale joins the crypto market!
Just today Bloomberg reported that Eric Peters, CEO of One River Asset Management, assured that his fund will have around $ 1 billion in Bitcoin and Ethereum early next year.
In fact, it seems that it is not a hasty decision. Apparently Peters had already acquired the leading crypto and Ethereum before BTC hit $ 16,000.
How many other institutional investors will there be in the crypto market right now that we still don’t know about?
American Express invested in FalconX
In a further demonstration of increasing institutional demand in the crypto market, according to Bloomberg, FalconX received an investment from American Express. Recall that FalconX is a crypto platform that mainly caters to institutional investors.
“FalconX is helping bring simplicity to the increasingly complex digital asset space through a platform that provides discovery and pricing in one place”said Harshul Sanghi, global director of American Express Ventures, in a statement, according to Bloomberg.
In a few lines …
- A crypto user sent approximately USD 50 thousand in LINK tokens to a Smart Contract that does not support them. Yes, your funds were lost forever.
- Genesis Mining launched a pilot project aimed at recycling excess energy from Bitcoin for food production.