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Bitcoin (BTC) hit all-time highs of $28,400 before crashing thousands of dollars on Dec. 27 — the latest chapter in its Christmas trading frenzy.
What’s more, the market capitalization of Bitcoin has surpassed half a trillion dollars for the first time ever.
The new record-highs for Bitcoin come less than three days after breaking resistance at $24,000. This also means that BTC price has now doubled over the past two months after gaining nearly $10,000 in the month of December alone.
Bitcoin’s market capitalization is also now over $510 billion, which puts it just under Warren Buffett’s Berkshire Hathaway, the tenth-largest company in the world. This comes less than a day after surpassing Visa’s market cap.
After topping 15% 24-hour gains, Bitcoin encountered heavy selling pressure above $28,000. Unable to sustain its extremely rapid upwards trajectory, the largest cryptocurrency then fell to lows of $26,500.
Since overcoming $24,000 resistance, Bitcoin has traded in uncharted territory with only impromptu sell levels creating fiction in what looks to be an increasingly parabolic market.
With institutional investors taking a break, talk turned to retail buyers fuelling the latest phase of the Bitcoin bull run.
“The bull cycle of bull cycles has started, as more and more players are starting to adopt towards Bitcoin and cryptocurrencies,” Cointelegraph Markets analyst Michaël van de Poppe summarized to Twitter followers.
Van de Poppe continued to eye $19,500 as a possible retracement zone, with altcoins in line to benefit from Bitcoin’s example once its own gains slow — potentially next month.
In other trending Bitcoin News today:
“Max Keiser Predicts Ray Dalio Will Soon Invest in Bitcoin, Followed by Elon Musk”
Wall Street veteran and host of RT’s Keiser Report is dishing out his predictions about which big players will get into Bitcoin next.
In an interview with Daniela Cambone, Max Keiser says he firmly believes billionaire hedge fund manager Ray Dalio and Tesla CEO Elon Musk will invest in Bitcoin sooner than later.
Keiser asserts that even though Dalio has vocalized his concerns about the king of crypto, even he will convert a sizable chunk of his portfolio into BTC.
“Ray Dalio was a skeptic, now he’s kind of neutral. I think Ray Dalio will be putting 10-20% of his portfolio into Bitcoin in the next few months, particularly since his performance has been pretty bad for 2020, he needs to get back in the race here.”
Referencing a tweet from Elon Musk, in which the Tesla CEO said “Bitcoin is almost as BS as fiat money,” Keiser says that despite his vocal skepticism, Musk will inevitably change his mind about the largest cryptocurrency.
“The learning curve for Bitcoin, everyone is on it at their own speed. For me, I got it in 2011. Micheal Saylor looked at it in 2013. He didn’t understand it. It took him five or six years to really figure it out. Elon Musk is now looking at it and because he’s a smart guy he’ll get ‘orange pilled’ as we call it, and he’ll understand what’s going on here and jump in.”
The Bitcoin firebrand also notes that MicroStrategy’s Micheal Saylor is smartly offering to share his playbook with CEOs of big companies, attempting to start a snowball effect of big money piling into Bitcoin to drive the price up.
Keiser believes that with the type of institutional support Saylor and other deep-pocket investors can provide, Bitcoin will skyrocket faster than expected and central banks may realize too late that they’re rapidly losing relevance.
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Show Notes / News Resources:
– Bitcoin Market Cap Surpasses $500B: https://bit.ly/2KTXKLU
– Bitcoin Hits $28.4K ATH Sell Wall: https://bit.ly/3hmK208
– Max Keiser Bitcoin Prediction: https://bit.ly/37RymiP
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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