The price of Bitcoin (BTC) left its psychological barrier of USD 20,000 in the past, but what about now? We’re sailing in uncharted waters.
Bitcoin in Uncharted Waters After Breaking the Psychological Barrier
Yes, Bitcoin’s price broke the $20,000 barrier just one month after reaching its last all-time high of $19,850.
Currently, according to Crypto Online, the price of Bitcoin is $20,766, leaving that psychological barrier behind.
Everything seems to indicate that this rally is completely different from the one in December 2017, especially the institutional demand has positioned itself as a differentiating element.
In fact, today investors have a clear investment strategy in Bitcoin: long-term coverage. As we mentioned previously in CryptoTrend, Bitcoin demonstrated its potential during 2020 and investors noticed it.
However, the question in the crypto market is: What’s next? We’re in completely uncharted waters, Bitcoin is literally exploring new territories.
In fact, a crypto trader and Twitter analyst named Cheds told CoinTelegraph that nothing is written, but what happens next could make history.
“Do we fly at 30k? Or do we go back to 14k? One thing is for sure with this new break, $ BTC #Bitcoin will get many more eyes,” emphasized the crypto trader.
Meanwhile, strategist Raoul Pal said that the leading crypto is eating up the world thanks to annualized returns of approximately 200%.
However, we should think about the future and, according to Alex Mashinsky, CEO of Celsius Network, Bitcoin Superstar review will test at least half a dozen levels between the $20K and $22K range. But, according to Decrypt, Mashinsky also sees a possibility of regression to a range between $14K and $16K.
Leading Crypto Market Capitalization Exceeds JPMorgan
Yes, that’s right. After exceeding $20,000 and setting a new all-time high, Bitcoin managed to increase its market capitalization above that of JPMorgan.
According to CoinMarketCap, the market capitalization of the leading crypto is USD 385 billion, while JPMorgan Chase’s market capitalization is approximately USD 367 billion.
New Bitcoin Whale Joins Crypt Market!
Just today Bloomberg reported that Eric Peters, CEO of One River Asset Management, said his fund will have about $1 billion in Bitcoin and Ethereum by early next year.
In fact, it seems that this is not a rash decision. It seems that Peters had already acquired the leading crypto and Ethereum before BTC reached USD 16,000.
How many other institutional investors will be in the crypto market now that we don’t know about yet?
American Express invested in FalconX
In a further demonstration of the increased institutional demand in the crypto market, according to Bloomberg, FalconX received an investment from American Express. It should be noted that FalconX is a crypto platform serving primarily institutional investors.
“FalconX is helping bring simplicity to the increasingly complex digital asset space through a platform that provides discovery and pricing in one place,” said Harshul Sanghi, global head of American Express Ventures, in a statement, according to Bloomberg.
In a nutshell…
A crypto user sent approximately USD 50 thousand in LINK tokens to a Smart Contract that does not support them. Yes, their funds were lost forever.
Genesis Mining launched a pilot project to recycle excess Bitcoin energy for food production.