Bitcoin (BTC) continues this windy weekend, crossing $ 27,000 on December 27th. Additionally, Bitcoin’s market cap exceeded half a trillion dollars for the first time in history.
Bitcoin’s market cap exceeds $ 500 billion
New all-time highs for Bitcoin were reached in less than three days after breaking the $ 24,000 resistance. This also means that the price of BTC has doubled in the past two months after it made nearly $ 10,000 in December alone.
Bitcoin’s market cap is currently well above $ 510 billion, just below Warren Buffett’s Berkshire Hathaway, the tenth largest company in the world. This happens less than a day after Visa exceeded the market cap.
According to the Cointelegraph report, Bitcoin’s price rally this weekend has caused Bitcoin to exceed the average trendline of the equity-to-power ratio model (around $ 24,900), which predicts a $ 100,000 target by December 2021.
At the same time, the current bullish cycle looks different and more resilient than it did in 2017, with many traders expecting more upside in the coming months. Reasons for this include the institutional buying craze, strong fundamentals, cheaper offers on exchanges, and relatively low interest from retail buyers.
Google is searching for “bitcoin”. Source: Google Trends.
However, this does not rule out the possibility of serious setbacks in the short term, especially since the bitcoin price appears to be heading towards the next psychological resistance of $ 30,000.
“Vertical features often end in quick corrections (remember the summer of 1919)?” Michael Van de Pope, an analyst at Cointelegraph Markets, warned on December 27 that these quick fixes should be made to create sideways.
Don’t give up on commitment. The bull market will last longer. Longer horizon.