Bitcoin’s another all-time-high within this week as it crosses over US$ 41,970 on Friday. Amongst entire asset classes, Bitcoin is now positioned at number 7 place. Also overtakes Facebook in terms of market capital which too goes above US$ 770 Billion.
The entire crypto industry is riding the bull-run these days as each digital coin is witnessing significant gains since last week. But this week started as a shocker as the first-ever cryptocurrency broke two all-time-high records of its own. The latest being one that took place on Friday 8th Jan 2021, when Bitcoin’s value surged to US$ 41,970. But the surge could not hold the ground long and came down. Currently, Bitcoin’s value is hovering around US$ 39,900 to 41,000.
In the recent history of Bitcoin’s price surge, one thing was prominent i.e. whenever Bitcoin’s value dipped, it retreated significantly afterward. For instance, on Thursday the 7th January, Bitcoin went low as US$ 36,388. But in less than 24 hours, it retreated significantly and came back at US$ 40,000 plus price range.
Another milestone that Bitcoin had achieved today is that its market cap had exceeded US$ 770 Billion. The current market cap of Bitcoin had defeated the market capital of Facebook which was at US$ 752 Billion approximately. After the recorded achievement of the milestone, famous crypto experts and analysts congratulated the Bitcoin community for surpassing Facebook. One of them suggested that now it made sense why Bitcoin had overcome Facebook. They stated that Bitcoin is a payment network while Facebook is a network of social media websites. This is why Bitcoin’sovercoming of giants like Facebook was predictable, they said.
The performance and execution of Bitcoin throughout the past year was something that kept providing rocket fuel to the coin. The next in queue, which too showed great potential in the past year, as Ethereum (ETH). As per the data and statistics of 2020, ETH’s value had surged by about 812%. In February 2020, a single ETH was sold for an amount of US$ 229.79. However, the price of ETH had surpassed US$1,000 and is currently hovering over US$ 1,210 (with an indication of further increase).
The ATH value recorded for ETH was in 2017 when it went up to US$ 1,431 for a single unit.
What is important is that the overall crypto industry is still riding the Bull-Run wherein Bitcoin and Ethereum are leading the industry.
Anthony Pompliano, co-founder of Morgan Creek, recently recorded an interview with CNBC in which he shared his viewpoint regarding the crypto industry. He stated that very soon Bitcoin would be regarded as a more superior asset over Gold. He added that Bitcoin had already outperformed Gold in 2020 and would continue to do so in the future as well.