Bitcoin Price is Hitting Above $4,500 Again
Bitcoin price surpassed the $4,500 mark Sunday, reaching $4,614.91 Sunday, posting a market capitalization of $76.662 billion. Bitcoin posted near some 5% profit in the last 24 hours, during which most cryptocurrencies posted reductions.
Ripple and Litecoin were the only other two of the best 10 cryptocurrencies to profit in the period of time, posting 15.6% and 2.02% gains, respectively. BitConnect, the number 12 crypto using a market cap just more than $1 billion, was the only other crypto with more than $1 billion in market capitalization to post a gain, grabbing 4.36 percent.
Bitcoin commanded more than half of all cryptocurrency market valuation, accounting for 50.03 percent of all market value. Ethereum accounted for 19.39%, the sole other crypto to rank in double digits. Bitcoin had also surpassed the 50% mark earlier in this week.
Bitcoin Stabilizes Crypto Markets
In the last week, the bitcoin cost provided the markets with a stabilizing force. Despite falling prey into the mid-week downtrend, the bitcoin cost ended the week at $4,335, which then represented a week-over-week gain of about half of one percent.
Tuur Demeester, a prominent bitcoin investor, analyst, and editor in chief at Adamant Research, recently predicted the bitcoin cost would surpass the $5,000 mark if support towards SegWit2x declines in the next few days. Uncertainty around SegWit2x has held the momentum back of bitcoin and its short term rally. Several business have pulled out of the SegWit2x NYA arrangement and the plan of the Digital Currency Group-led consortium of companies to carry out a Challenging fork in November.
Since early September, bitcoin’s price has fought to regain beyond $4,500 due to uncertainty surrounding the Chinese cryptocurrency exchange market and SegWit2x. Analysts have begun to show optimism towards the possibility of the Chinese government tripping cryptocurrency trading.
Hyperinflationary Period Over?
Chris Burniske, a partner at cryptocurrency-focused venture capital company Placeholder and former cryptocurrency investment lead at ARK Investment, lately revealed that 80 percent of the total supply of bitcoin is currently outstanding and that its hyperinflationary period is supporting it.
Since there will just be 21 million bitcoins and no extra bitcoin can be produced after the supply achieves its cap, just a restricted number of investors would have the ability to hold one full bitcoin.
Bitcoin’s deflationary supply, however, is no problem for investors and retailers that embrace bitcoin as an electronic money since it is divisible. Currently, many bitcoin wallets and merchants use “satoshi” as a unit, with one satoshi representing 0.00000001 bitcoin.
Investors Flock To Bitcoin
Presently, many investors and traders have invested in bitcoin as a safe haven asset along with also a long-term investment. However, as bitcoin evolves as a technology and a robust financial network, it will soon compete with reserve currencies, present banking systems, and traditional resources such as gold.
For the long-term growth of bitcoin’s market cap and cost, its rarity character will be a vital aspect to maintain bitcoin’s upward momentum and demand for bitcoin from the global market.
Several analysts, including RT’s Max Keiser, Harvard academic Dennis Porto, and Saxo Bank senior analyst Kay Van-Petersen, have predicted bitcoin cost exceeding $100,000 within the next 10 decades.