The world’s most popular crypto, Bitcoin, has been seeing a lot of action lately, most especially in the last week of this year as the price rebounded strongly, touching near its previous all-time high (ATH) at $28,378 per coin.
Bitcoin gained over $1,600 in value some hours ago after trading as low as $26,200 yesterday.
Also, the cryptocurrency’s market capitalization recently surpassed a whopping half of a trillion U.S. dollars in value.
What we know: At the time of writing this report, the flagship crypto traded at $27,809.91 with a daily trading volume of $47,986,546,322. The world’s most popular crypto is up 4.38% for the day. Bitcoin has a market value of about $516.8 billion.
- It has a circulating supply of 18,585,037 BTC coins and a max supply of 21,000,000 BTC coins.
Sequel to the recent price action prevailing at the flagship crypto market, Bitcoin gained past $20,000 some days back for the first time as it notched record after record.
- Crypto fans cheered it as an inflation hedge in an era of unprecedented amounts of quantitative easing triggered by many central banks globally.
- Also, leading household names in finance that include Paul Tudor Jones and Stanley Druckenmiller endorsed it as an alternative asset, adding to the rally.
- Not forgetting listed U.S brands like MicroStrategy Inc. and Square Inc. that moved their cash reserves into crypto in search of better returns than what near-zero interest rates deliver.
Also, a leading crypto expert, Willy Woo, via his Twitter handle, hinted that Bitcoin’s price could still rally higher on the bias that the, “inventory depletion on spot crypto exchanges has stopped, signifying the re-accumulation phase of this macrocycle is likely to complete. If this cycle mimics the last, inventory on exchanges will increase here on in as retail starts entering in large numbers, attracted by the price rises.”
Inventory depletion on spot exchanges has stopped, signifying the re-accumulation phase of this macro cycle is likely complete. If this cycle mimics the last, inventory on exchanges will increase here on in as retail starts entering in large numbers, attracted by the price rises. pic.twitter.com/WmSB4VKgoJ
— Willy Woo (@woonomic) December 26, 2020
In addition, Jesse Cohen, a senior crypto analyst, in a note to Nairametrics, spoke on the outlook for Bitcoin in 2021.
“I expect Bitcoin to remain highly volatile to the downside in the new year, given the potential for more scrutiny and tighter regulation. That should see prices fall back from their record highs, with the prospect of increased regulation being the most important factor affecting Bitcoin in 2021.”