On 7th January 2021, Thursday, Bitcoin has absolutely smashed beyond a new all-time high of $37,700 in the stock market.
This record high of BTC has in turn helped the entire market of cryptocurrency to reach a record amount of value for the very first time ever. The cryptocurrency market has topped a value of a whopping $1 trillion.
Bitcoin Leads The Way For Cryptocurrency Market
Bitcoin touched a record high at almost 1:44 pm in Singapore time. It has reported that this digital coin broke through $37,700 just after some hours of surpassing $36,000.
On that same day, during the afternoon, BTC was up by more than 5%. The leading cryptocurrency has spiked by approximately 29% from the beginning of this year of 2021. In fact, BTC gained more than 380% in the last 12 months’ time.
The cryptocurrency market comprises BTC as well as other virtual coins including Ethereum and Tether. While Bitcoin has been rallying at an exponential pace, the value of the whole cryptocurrency industry has exceeded an enormous $1 trillion.
The resurgence of BTC has given a huge boost to various factors like more purchases by institutional investors. For instance, Paul T. Jones, an eminent investor, has also been acquiring BTC recently.
The BTC bulls believe it has the potential to be a safe haven, a ‘digital gold’ along with a hedge for inflation. JPMorgan had recently stated that BTC might reach $146,000 after a while and compete against gold to be the ‘alternative’ currency. Several strategists of investment banks consider that BTC might become considerably less volatile in order to reach that level. Nonetheless, BTC goes through frequent price swings.
