The crypto economy has gained huge value in the past few days, as the aggregate market cap of all 7,500+ digital assets stood at a staggering $ 640 billion on Thursday. Meanwhile, the largest blockchain in terms of pricing, bitcoin has touched an all-time high of $ 23,777 rising more than 22% in 24 hours.
Digital currency markets are doing very well this week, as a large number of coins have seen significant gains in the past three days. At $ 640 billion, the aggregate market cap of all existing crypto assets is up over 15% on Thursday. Bitcoin (BTC) recently touched a high lifetime price at $ 23,777 recorded on Bitstamp on December 17.
The price has dropped slightly since its highest ever (ATH) and BTC is currently trading at $ 23,107 per unit, up over 11% in the last 24 hours. BTC has a market valuation of approximately $ 429 billion today, which is 65% of the entire $ 640 billion crypto economy.
In the last day, ethereum (ETH) is up 7% and is trading at $ 663 per unit at the time of publication. That price put around $ 75 billion worth of ETH’s overall market capitalization on Thursday. The third-largest market, held by XRP has gained more than 19% in the last 24 hours and all XRPs exchange for $ 0.60.
Similar to XRP, litecoin (LTC) has also seen two-digit earnings jump over 19% in the last day. LTC is trading for $ 104 per ticket and has a market cap of about $ 6.8 billion. Sixth place, behind LTC is bitcoin cash (BCH) which trades at $ 323 per unit. BCH has an overall market valuation of around $ 6 billion at time of press.
On the whole, many crypto fans are extremely bullish and exuberant about the crypto price increases. However, not everyone is so enthusiastic and distinguished Canadian economist David Rosenberg recently said that bitcoin (BTC) is being overvalued.
“Bitcoin is a huge bubble,” Rosenberg noted during an interview with Tom Keene. “The one thing we know about gold, we know the supply curve of gold with certainty. We don’t know BTC’s future supply curve, people think they know but they don’t really know. ”
Paolo Ardoino, CTO of Bitfinex disagrees and noted that critics should take note of what is being built today.
“Bitcoin’s rise above US $ 20,000 is yet another milestone in what has been an epic year for crypto,” Ardoino told news.Bitcoin.com. “But the main story is not speculation or trading. Bitcoin represents a commemorative technological move, the results of which are only beginning to be seen. Judges should consider the quiet commitment of those building layers to this technology that will change the exact nature of money by the end of this decade, ”Ardoino added.
Many other bitcoin believers believe that the price is really only warming. Onchain analyst Willy Woo tell its 176,000 Twitter followers said that BTC prices at $ 100k were a “ridiculously low” target.
“We’re not at the all-time high where the BTC Upper Cap Model is starting to turn upward,” Woo tweeted. “Let’s see how high it is running in 2021. $ 100k is a ridiculously low target in the current trajectory. $ 55k is the next landmark -> Bitcoin becomes a $ 1T macro asset bucket, ”the analyst added.
The founder and CEO of Zumo, a UK crypto wallet and exchange platform, Nick Jones, said the crypto economy is a safe bet for investors.
“The boom in cryptocurrencies goes beyond institutional investors and financial houses,” Jones explained Thursday. “As governments try to clear their economies with cash injections, everyday investors are looking to assets such as bitcoin that are influenced by their trading activity and not government. If the pound depreciates, cryptocurrency looks like a safer bet and investors can see the reward. ”
Of course, Peter Schiff, the infamous gold bug who loves bitcoin trash and the crypto economy had something negative to say when BTC ATH arrived on December 16.
“Most likely Microstrategy will not buy $ 650 million worth of bitcoin in the market,” Schiff He said. It can find whales willing to unload large blocks of Bitcoin above $ 20K in private transactions. That means all the mountains can be at the forefront of running a trade that never really happens, ”he added.
Meanwhile, after Schiff tweeted the mine at Microstrategy, claiming the company would sell for $ 20k, the price jumped over $ 3,000 higher to disappoint the gold bug.
What do you think of the crypto economy’s recent returns and bitcoin touching on ATH 2020? Let us know what you think of this topic in the comments section below.
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