Since the hike of Bitcoin price in December 2020, its value in the crypto market has reached big highs. The analysts note the average market cap to reach $640 billion for all the 7,500 and more digital assets on Thursday. Also, Bitcoin reached its highest record of $23,777 on December 17, 2020, noting a 22%+ increase.
Overall, the crypto markets are faring well since this hike, and many of the coins have gained in value. On Thursday alone, the average market cap read at 15%+ value for all crypto assets.
Rates of cryptocurrencies
Currently, the price has dropped to $23,107 for each unit and values at $429 billion in the market. This is 65% of the whole crypto market valuation. Ethereum (ETH) is trading for $652.25 for each unit at this time. On Thursday, its overall market value was approximately $75 billion.
XRP rates have also risen, and Litecoin (LTC) is currently trading for $107.95 per token. On the other hand, Bitcoin Cash (BCH) is selling for $316.59 for each unit. Its overall market value two days before the publication of this article was $6 billion approximately.
While many crypto enthusiasts are excited about the price rises, not everyone is as optimistic. Some, like David Rosenberg, who is a Canadian economist, believe that the Value of Bitcoin is too high at the moment. And it is in a “massive bubble.” He stated that knowing that the price would stay this high is not absolute.
On the other hand, the Bitfinex CTO, Paolo Ardoino, stated the opposing argument. He argues that the rise is a sign of Bitcoin’s growing popularity, and it shows a significant “technological shift.” It is not possible to assess the consequences as of yet. Also, Willy Woo, an Onchain analyst, stated s that the $100,000 target of Bitcoin is meager. Many other experts have given their views too, on both sides.
Also read: Binance Down As Bitcoin Crosses $20K