Bitcoin Value Crossing $ 23,700 Brings Lots of Arguments on the Future Viability of BTC

Since Bitcoin’s price increase in December 2020, its value in the crypto market has reached major peaks. Analysts set an average market cap to reach $ 640 billion for all 7,500 plus digital assets on Thursday. Bitcoin also reached its highest record of $ 23,777 on December 17, 2020, marking a 22% + increase.

Overall, the crypto markets are doing well since this hike, and many of the coins are worth it. On Thursday alone, the average market cap read 15% + value for all crypto assets.

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Rates of cryptocurrencies

Currently, the price has dropped to $ 23,107 per unit and is worth $ 429 billion in the market. This is 65% of the entire crypto market valuation. Ethereum (ETH) is trading at $ 652.25 for each unit at this time. On Thursday, its overall market value was around $ 75 billion.

XRP rates have also risen, and Litecoin (LTC) is currently trading at $ 107.95 per ticket. On the other hand, Bitcoin Cash (BCH) sells for $ 316.59 per unit. Its overall market value two days before this article was published was approximately $ 6 billion.

Expert opinion opinion

While many crypto enthusiasts are excited about the price rises, not everyone is so optimistic. Some, like David Rosenberg, a Canadian economist, believe the Bitcoin Value is too high right now. And it’s in a “huge bubble.” He said that knowing that the price would stay this high is not absolute.

On the other hand, the Bitfinex CTO, Paolo Ardoino, noted the opposite argument. He argues that the rise is indicative of Bitcoin’s growing popularity, and shows a “significant technological shift.” It is not yet possible to assess the results. Willy Woo, an Onchain analyst, also noted that the $ 100,000 target of Bitcoin is small. Many other experts have also given their views, on both sides.

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