Before the year close, Bitcoin acquires significant increase in price. Breaks all-time high record since its launch and hits value of US$ 23,777 per coin. The market capitalization of entire cryptocurrencies has increased 15% in 2020. But the critics suggest that the Bitcoin’s increase is only temporary and will end when the bubble will pop.
No wonder that the entire crypto industry had done a great deal in 2020, particularly since October.Bitcoin had been on the long Bull-Run and continuously gaining increase in value. Currently Bitcoin had been trading for about US$ 22,953.96 with an indication of further increase by 0.41%.
But what was more remarkable in this week was that Bitcoin surpassed 23K price barrier. At one point in time it went upto US$ 23,777, making it a record setting high throughout its history. However, the surge in value is not for Bitcoin alone. The overall crypto industry is booming. Ehtereum, which is second largest digital coin after Bitcoin, too had seen an increase of 7%. Its current trading value is about US$ 651 per ETH. Similarly, at number three spot is XRP or Ripple which too had reported an increase of 19% in its value. Same was the situation with Bitcoin Cash and Litecoin.
As of today, the market capitalization of entire cryptocurrencies had increased for about 15% in 2020 alone. The present market cap for entire cryptocurrencies is recorded to be US$ 640 Billion.
The major chunk of this entire market capitalization belongs to Bitcoin which is above US$ 429 Billion till todate.
It is said that more institutional investment is about to come in which would further give boost to crypto’svalue surge. However, not everyone had been too bullish about crypto. It was reported that David Rosenberg, who is an economist from Canada, Bitcoin’s price surge is only a bubble. He said that the Bull-Run would be ending soon and the price would go down considerably when the bubble pops. Rosenberg added that Bitcoin is over-valued and people who compare Bitcoin with Gold, would soon learn that their argument is fallacious.
Meanwhile, Rosenberg’s criticism was then commented upon by Bitfinex’s CTO, Paolo Ardoino. He said that Rosenberg would need to understand digital currencies had been modernizing the core structure of money.
Ardoino stated that the next important price barrier for Bitcoin was US$ 20,000, which it had broken successfully. It is only the beginning of a new era before the year close, he added.
Thereafter, many Bitcoin fans and believers too shared their suggestions regarding Bitcoin’s future. Willy Woo who is an analyst at Onchain said that the legendary coin is only warming up. The big bang would take place soon when Bitcoin’s single unit would be traded on for over US$100,000, he added.He even went on to state that US$ 100 K price for Bitcoin’s single unit is also preposterously low. To him, Bitcoin is much more valuable than that.