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The digital currency market experienced a nice rally this weekend, with Bitcoin hitting a new all-time high (ATH) again on Saturday afternoon. Meanwhile, the prices of a number of other crypto assets also saw significant gains, with the total market capitalization of all 7,500+ digital currencies in existence hovering above $800 billion.
$800 Billion Crypto Economy <br />This weekend, BTC surged to a new all-time high of $33,333 before retreating. At press time, BTC is hovering above the $32,000 mark, with the crypto asset up 19.9% in the last week. Bitcoin’s overall market valuation is around $602 billion, which puts Bitcoin’s dominance index at over 71%.
Meanwhile, the second-placed Ethereum (ETH) has a market cap hovering around $88.6 billion. ETH has surged more than 21% this week, 25.4% in the past month, 119% in 90 days, and 474% in 12 months. At the time of writing, ETH is trading at $777 per unit with a global trading volume of about $4.8 billion. Moreover, since the recent SEC charges against XRP, the digital currency has been capped well below the market valuation of tether (USDT).
The digital currency XRP is trading at $0.219 per token. XRP is down 24% in the past seven days, 64% this month, and 10% in three months, but the 12-month statistics against the US dollar show that XRP is up 14.6%. The fifth place in market capitalization is taken by Litecoin (LTC), which is trading at $137. LTC is up 5.2% this week and 52% in the past 30 days. The 90-day statistics show that LTC has risen by 191% and the annual increase is about 222%.
Polkadot (DOT) has taken the sixth position in market cap this year, with the token trading at $9.08 at the time of writing. DOT is up 77% last week and 69% in the past 30 days. Bitcoin Cash (BCH) currently holds the seventh-largest market position on Saturday, trading at $362. BCH is up more than 9% last week, more than 20% this month, and more than 59% in the past three months. BCH has a market valuation of approximately $6.7 billion, with a global trading volume of $984 million.
On that day, as Bitcoin crossed a new price range into the $30,000 range, a large number of Bitcoin supporters rejoiced. Gabor Gurbacs, a digital asset strategist and director of Vaneck, tweeted that Bitcoin's valuation exceeded the market value of any of the world's top ten banks.
Additionally, The Block CEO Mike Dudas tweeted that he was selling a small portion of his Bitcoin holdings. "I sold 10% of my Bitcoin today as part of a plan I made years ago," Dudas said. "I plan to hold most of my BTC forever, but I also want to enjoy life with my family in 2021. If you've made plans for years, stick with them. Love and prosperity."
After a day of momentum, Mr. Anderson, a well-known trader, explained that BTC could one day jump to $10,000 in a single day. “We’ve spent a lot of time over the past few years fighting for the $10,000 level,” he wrote on Twitter. “In 2021, BTC will see a $10,000 daily candle,” he added.
Another person wrote: “High inflation is happening now and will continue to happen in 2021 — globally. If you want to see it, just pull up the Bitcoin chart.”
Gold Supporter Peter Schiff Unmoved <br />However, not everyone is enjoying the soaring crypto prices, and long-time Bitcoin-hater and gold supporter Peter Schiff had to offer his two cents on the day’s Bitcoin rally. “What difference does the price make if you never sell your Bitcoin?” Schiff asked on Twitter. “When it eventually goes to zero, all holders will lose the same percentage, 100%. The significant difference will be how much you paid, not the price. Those who ‘invested’ the most will lose the most,” the famous economist added.
Schiff further stated:
“Gold is a store of value because people who buy it now can sell it in the future to buyers who actually need to use the metal. Bitcoin’s value comes from the belief that it can be resold at a higher price in the future to speculators willing to make the same bet.”
Schiff wasn’t done with his second tweet, though, and he had to throw out one last statement about the leading cryptocurrency. “The only valid reason to buy Bitcoin is if you think the bubble will get bigger before it pops,” Schiff said on Twitter. “Most Bitcoin buyers don’t know it’s a bubble, so they’ll never sell. But since most people won’t be able to tell when it pops, they’re unlikely to take profits either.”
Meanwhile, the beloved cryptocurrency and the $800 billion crypto economy didn’t seem to care about Schiff’s tweet. Source: News.bitcoin.com |
