Bitcoin Price Rise to New All-Time Highs of $34.65k
It has been an impressive few weeks for the year. After gains of the end of 2020, four days into the New Year, the coin is already printing new all-time highs above $34.5k following last weekend's exploits. At spot rates, the BTC/USD pair is up 23 percent week-to-date, lifting altcoins like Litecoin and ETH. The digital Silver's market cap is now at par with XRP and could flip it if Ripple's woes continue to compound in coming weeks.
The Bitcoin price continues to gain, stretching its market cap above $616 billion and increasing its dominance. Even if other altcoins like XRP are utilities in other jurisdictions, Bitcoin has the endorsement from the United States Securities and Exchange Commission (SEC). Additionally, in 2021, investment will likely pour in as BTC features in public companies' investment portfolios. Ruffer Investment, MassMutual, are some of the latest. PayPal will also begin supporting global trading of BTC and select coins, opening up crypto to their over 300 million clients and 60 million merchants.
Impact on the BTC Price:
Bullish. Analysts predict the BTC/USD pair will rally to over $50k and $100k in 2021. BTC bulls have added over $14k after breaking above 2017 highs of $20k.
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