On 6th January 2021, Wednesday, Bitcoin successfully managed to reach a new all-time high while the leading cryptocurrency continues its wild trading.
The price of BTC has recently rallied off to conduct trading at more than $35,000 on Wednesday, as seen in the reports of Coin Metrics.
Bitcoin Surge Continues After Minor Downfall
The price spike took place just a few days before it plummeted over 10%, landing at $29,316. This was followed by an over 300% upswing to the level of $29,000 that was reached in the previous year of 2020.
On Monday, a note was published by JPMorgan. They issued a strong price target on a long-term basis for Bitcoin. They have also claimed that the cryptocurrency might surge to a $146,000 high while it continues competing against gold by becoming the ‘alternative’ currency.
The treasured metal has also witnessed a considerable gain during 2020 as spot gold spiked by almost 25% during 2020.
Anthony Scaramucci is the founder as well as the co-managing partner to SkyBridge Capital. He has recently talked about the Capital Connection. He also stated that his company has been quite bullish regarding the store of value of Bitcoin and aims on replacing gold.
Scaramucci is also the former communications director of the White House. On Wednesday, he further added that the Democratic authority on Congress is going to be remarkable for cryptocurrencies. This is due to the expectations of the huge money printing being conducted under the federal government.
Nonetheless, the strategists of JPMorgan has also said that BTC will be required to take a reasonably less volatile stance prior to becoming equivalent to gold according to the market value. BTC price is also going through some tumultuous swings.
