After hitting $25,000 on the 25th of December and $26,000 on the 26th of December, quite naturally the price of bitcoin (BTC) soared past $27,000 early on Dec. 27. as the leading cryptocurrency’s recent meteoric rise continues BTC’s market capitalization now exceeds $500 Billion and is on its way to $600 Billion. Will it BTC market reach 1 trillion soon?
Recently, BTC has been going up like crazy after passing the psychologically key $20,000 mark for the first time ever on Dec. 16. In the last several days there seems to be another push coming from investors investing billions in BTC. Number 1 crypto is showing new records every day, breaking through $25,000 Friday night for the first time, and going through $26,000 Saturday.
As of writing this article, Bitcoin is again trading at the all-time high price of $27,823 and seems like it will be passing $28k soon. Year-to-date BTC is up more than 270%.
With a market value of $517.3 billion, BTC is now more valuable than huge publicly traded companies such as Tencent, Johnson & Johnson, Visa, Walmart, Nestle … etc.
Institutional investors are perceived to be driving this record-setting bull run. Some of these Billionaire funds are: Anthony Scaramucci’s Skybridge Capital ($25 million in December); MassMutual ($100 million in December); and Guggenheim (up to 10% of its $5 billion macro fund).
The U.S. Federal Reserve, along with other central banks, has been printing money uncontrollably and pushing out stimulus checks. Analysts believe that this will be devaluing world currencies and will be a catalyst for unimaginable levels of inflation. Most of the Smart investors are considering Bitcoin as a way to save themselves and the buying power of their money.
Still, there are those who think BTC is just getting started. Saturday afternoon, crypto venture capitalist/bitcoin evangelist Tim Draper tweeted that the price of the leading cryptocurrency could rise ten-fold by the end of 2022.