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Bitcoin moves beyond 22,000M crossing the market cap of $400 billion

Author at TechGenyz Bitcoin
Bitcoin Demand
Bitcoin cryptocurrency | Image credit: pvproductions/Freepik

Bitcoin, in an unprecedented event, has surged over 13.5% of its previous value to move beyond the mark of $22,000. This also crosses the market cap of $400 billion. The daily trading volumes now stand at $51.8 billion.

However, it is unsure and it cannot be predicted how Bitcoin will act from now on as there is no precedent data available at this stage. However, if we are to trace the trajectory of Bitcoin since October 2020 up to now, there are chances that the price can move beyond $24K before the next year comes.

Subsequently, the price can soar up to $35K in the first quarter of 2021. Interestingly, many Bitcoin strategists expect that the recent Bitcoin rally has more steam left in it. Guggenheim’s Scott Minerd Predicts $400,000 Bitcoin (BTC) Target. Minerd’s target is based on the fundamentals of “rampant money printing” by the Federal Reserve.

Guggenheim has already applied with the SEC for a $500 million exposure to Bitcoin (BTC) via the Grayscale Bitcoin Trust (GBTC). This will be part of Guggenheim’s $5 billion Macro Opportunities Fund.

Craig Erlam, a senior market analyst at Oanda Europe Ltd, said, “The move above $20,000 has been coming and I’m probably a little surprised that it didn’t come sooner. Fed stimulus may have given it an extra kick but, let’s face it, Bitcoin doesn’t need it. A break above $20,000 may bring the buzz and a strong end to the year.”

Kay Van-Petersen, global macro strategist at Saxo Capital Markets Pte thinks that the BTC “price will go from linear to parabolic.”

With the latest Bitcoin rally, the Grayscale Bitcoin Trust (GBTC) assets have moved beyond $11.5 billion. Also, shares of Bitcoin Trust (OTCMKTS: GBTC) are trading at an all-time high of $25.81. Several other cryptocurrency-linked stocks have also hit new highs this year.

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