Bitcoin continues to climb – market value exceeds $ 500 billion for the first time
Bitcoin jumps over $ 27,000, making it almost the 10th largest company in the world.
Crypto Code continues to climb inexorably on Christmas weekend, which resulted in the 27,000 US dollar mark being passed on December 27th today. This means that the market capitalization of the cryptocurrency has cracked half a trillion US dollars for the first time.
Bitcoin cracks $ 500 billion
The new record high comes just three days after breaking the resistance at $ 24,000 . Accordingly, the Bitcoin price has doubled in the past two months, with almost $ 10,000 plus in December alone.
Bitcoin’s market capitalization has soared to more than $ 510 billion as a result of the recent jump, which makes the cryptocurrency almost as valuable as the holding company Berkshire Hathaway, which belongs to investment guru Warren Buffett and is the tenth largest company in the world. Yesterday, Bitcoin was able to leave its big “ competitor “ and payment service provider Visa behind.
In addition, Bitcoin is currently above the calculated average value of the popular Stock-To-Flow (S2F) forecast model, which predicts a price increase to 100,000 US dollars by December 2021 . The market-leading crypto currency is clearly on target on this path.
The current high seems to be far more sustainable than the record run of 2017 , because the crypto experts assume that things will continue to improve in the coming months
The main reasons for this are the continuing interest of institutional investors , strong fundamentals, a declining supply on crypto exchanges and the so far low interest from private investors . As can be seen from the Google search queries for Bitcoin (see below), the hype about the crypto currency is not quite as strong as in 2017, despite new record highs, which is why there is still a lot of room for improvement as soon as word of the soaring gets around in the mainstream.
Nonetheless, there is still a risk of a severe downturn in the short term, possibly triggered by the psychologically important resistance at $ 30,000.
“Vertical price movements usually end in a similarly strong correction (do you still remember summer 2019?). These corrections often lead to a sideways movement, ”as Cointelegraph Markets expert Michael van de Poppe warns on December 27th . However, he adds:
“Don’t let such a correction shake you off. The upward trend will last even longer. You should think long term. „