Closely, we have watched the gradual scale of BTC over these past few months. With experts and financial advisers all giving their take and expectations concerning this digital currency, it seems it is sticking to the one principle of the holy book that states; “what I hear you say, that I will do,” as most favourable predictions made concerning this asset in recent times are turning to reality.
Bitcoin has crossed $20,000. This rocky sail up the steep is still ongoing as it is still breaking every barrier set, hence keeping up with its dramatic all time high.
A Visit Down the Memory Lane
The first real price increase occurred in July 2010 when the valuation of a bitcoin went from around $0.0008 to $0.08 for a single coin. The cryptocurrency has seen some major rallies and crashes since then. Interest in bitcoin is surging, pushing its price up 150% during 2020, according to Forbes. As of Nov. 23, 2020, there were more than 18.5 million Bitcoins in circulation. Bitcoin had a market capitalization of about $340 billion and traded in the $18,000 range per coin.
From November 2011 to January 2012, a Bitstamp chart showed one of the first ever major short term rallies in Bitcoin. The emerging coin rose by 229%, from $2.25 to $7.33.
This seemed really impressive then but little did we know, it was just a starting point for its bullish run.
The first authentic Bitcoin bull market lasted roughly 740 days, a little over two years, and increased by more than 51,000%. The price rode the wave from $2.25 to $1,163 in true parabolic fashion.
It wasn’t until 2013 when Bitcoin began to take off. In October 2013, Bitcoin was priced at $123.50. It started climbing rapidly, reaching over $140 in April, and topped $1,000 by December of that same year.
Bitcoin’s long-term upward steep ended in November of 2013, which seemed like a cool off period.
Since 2013 till this present year, this asset had recorded more upward momentum than retracement. Even the terrible pandemic in 2020 didn’t leave it lying low so long, as it had an immediate bounce back on track after the COVID-19 pandemic.
Where We Are!
Bitcoin has had to rally six-fold to cross the $20,000 line and is appearing to break forth a new bull cycle.
According to Antoni Trenchev, Co-founder and Managing Partner of crypto lender Nexo, he states that there is a new line in the sand and the focus is shifting to the next round number of USD 30,000.
This is the start of a new chapter for Bitcoin. It’s a narrative the media and retail crowd can properly latch onto because they’ve been noticeably absent from this rally.
Whether the next big resistance will be at USD 50,000 or USD 500,000 is anyone’s guess but we firmly believe the risk/return is skewed to the upside,” Trenchev concludes
Meanwhile, the first and only time BTC got to this point (the $20,000 level) was on December 17th, 2017, when it touched USD 20,089.
Currently, Bitcoin is trading at a volume of $421.9 billion with a market capitalization of $397. 20 billion and at a price of $21,386.21 billion.
Where We are Headed
Samson Mow, Blockstream’s Chief Strategy Officer, says “It’s very likely bitcoin will reach USD 100,000 in 2021 just based on corporate and institutional demand alone. We’re seeing sustained demand for hosting of miners as well, which usually indicates bullish trends in mining from months ago.”
Also, Tim Rainey, the Chief Financial Officer at powerplant-cryptomining hybrid Greenidge Generation, believes that the price could easily reach the USD 25,000-USD 30,000 range next year.
In addition, Hedge Fund Manager Paul Tudor Jones, about a few weeks ago, made his own prediction of the currency hitting $500 billion in a few years’ time.
The above mentioned are not the only ones holding up the views of optimism concerning a continuous upward slope in the value of this currency.
There are so many anticipations, so many expectations and many predictions. Where exactly is this digital currency headed with it’s dramatic dynamism?
This almighty crypto has continued to overshadow nearly all it’s counterparts. Most people even say it has already cemented its status as a safe-haven asset. Can this be true?
Paradaventure this currency hits the most unrealistic 2020 prediction made before the year runs out? What exactly are your predictions and thoughts?
Duru Joselyn is a content creator, writer, self development coach and news analyst. She specifically enjoys writing on anything pertaining to cryptocurrency and the blockchain industry. Joselyn is a fun loving Nigerian who not only has a flair for giving information updates; she also enjoys a variety of outdoor activities especially traveling and photography.