- Bitcoin breaks its record as it hits a new all-time high of over $50,000.
- With this new price, the market cap of Bitcoin saw a huge rise reaching over $1 trillion.
- According to analysts, BTC still has room to go higher before a more substantial correction occurs.
According to experts and analysts, BTC still has room to go higher before a more substantial correction occurs.
In 2018, the currency’s value plunged sharply, and by December of that year, BTC was worth less than $5,000. Until this most recent rally, which started in October 2020, Bitcoin usually floated between $5,000 and $11,000. However, in the early days of 2021, the BTC price continued to surge, overtaking the amount of over $40,000.
Furthermore, since morning, the price of BTC jumped excitingly close to $50,000. Until finally, Bitcoin reached its new all-time high of $50,000 today.
Based on the graph above, you can see that Bitcoin continues its incredible bull run. In the past few hours, it jumped between $44,000 to $48,000.
With this new price, the market cap of Bitcoin saw a significant rise, reaching 1 trillion dollars. This momentous change may be because of Tesla’s announcement in buying $1.5 billion worth of bitcoin on Monday.
Bitcoin investors, including money managers and top hedge funds, are betting the digital currency could reach $100,000 in a year.
Moreover, Brian Estes, chief investment officer at hedge fund Off the Chain Capital, states that going from $20,000 to $100,000 in one year is not a stretch.