Bitcoin is making the crypto space ecstatic due to its incredible bull run this month. After surging past an all-time high (ATH) of $20,000.00 in price in mid-December, the leading cryptocurrency has made headlines by skyrocketing to $29,200 levels, falling shy of the $30,000 mark. It has, however, retraced to $28,990 at the time of writing, according to CoinMarketCap.
The price surge past $29,000 has made Bitcoin (BTC) worth more than Berkshire Hathaway, an American multinational conglomerate owned by Warren Buffet, whose market capitalization is capped at $539 billion. Bitcoin, on its end, has a market value of around $540 billion. Holger Zschaepitz, a market analyst, noted:
“Bitcoin jumps >$29k and hit another milestone: With a market value of $540bn, Bitcoin is now worth more than Warren Buffett’s Berkshire Hathaway.”
BTC has enjoyed a rollercoaster ride this month and is set to finish the year with a bang. December 2020 will therefore be written in Bitcoin and cryptocurrency’s history book as the time period with the biggest BTC gains since May 2019. Furthermore, statistics show that BTC has increased by more than 295% in 2020 as the US Dollar Index (DXY) recently slipped to a 32-month low.
Thanks to an overwhelming appetite by institutional investors and economic initiatives like quantitative easing (QE), Bitcoin has enjoyed a heck of a ride as the year comes to an end.
Nevertheless, the CEO of CryptoQuant Ki Young Ju has asked caution to not be thrown to the wind because BTC could correct, as institutional investments has stalled according to the analyst. His sentiments come as crypto traders anticipate Bitcoin will soon break the $30,000 price after today’s new all-time high of $29,200.
After sinking to lows of $3,800 in mid-March, BTC has dusted off and shot to levels not seen before because it is continuously cementing its status as a safe-haven asset. Time will tell what 2021 has in store for Bitcoin.