The crypto economy has gained tremendous value in recent days as the total market capitalization of all more than 7,500 digital assets hit a whopping $ 640 billion Thursday. Meanwhile, the largest blockchain in terms of valuation, bitcoin has hit a record high of $ 23,777, up more than 22% in 24 hours.
Digital currency markets are doing extremely well this week as a large number of coins have risen significantly in the last three days. At $ 640 billion, the total market cap of all existing crypto assets is up more than 15% Thursday. Bitcoin (BTC) recently hit a lifetime price high at $ 23,777 included on Bitstamp on December 17.
The price has fallen somewhat since its all-time high (ATH) and BTC is currently trading at $ 23,107 per unit, up more than 11% over the past 24 hours. BTC today has a market value of approximately $ 429 billion, which is 65% of the total $ 640 billion crypto-economy.
During the last day ethereum (ETH) is up 7% and is trading at $ 663 per unit at time of publication. That price gives ETH‘s total market capitalization is worth approximately $ 75 billion on Thursday. The third largest market, owned by XRP has gained more than 19% in the last 24 hours and each XRP trades for $ 0.60.
Equivalent to XRP, litecoin (LTC) has also seen double-digit earnings rise by more than 19% over the past day. LTC trades at $ 104 per token and has a market cap of approximately $ 6.8 billion. In sixth position, behind LTC is bitcoin cash (BCH) which trades at $ 323 per unit. BCH has a total market valuation of approximately $ 6 billion at the time of writing.
In general, many crypto supporters are extremely optimistic and effusive about the crypto price is rising. However, not everyone is as enthusiastic as the acclaimed Canadian economist David Rosenberg recently said bitcoin (BTC) is hugely overrated.
“Bitcoin is a huge bubble,” Rosenberg said during an interview with Tom Keene. “All we know about gold is that we know the gold supply curve with certainty. We don’t know the future supply curve BTC, people think they know, but they don’t really know. “
Paolo Ardoino, Bitfinex CTO, disagrees, noting that critics should pay attention to what is being built today.
“Bitcoin’s rise above $ 20,000 is another milestone in what was an epic year for crypto,” Ardoino told news.Bitcoin.com. But the main story is not about speculation or trade. Bitcoin represents a monumental technological shift, the consequences of which are only just beginning to show. Critics should note the quiet dedication of those floors to this technology that will change the nature of money by the end of this decade, ”added Ardoino.
“We are not at the highest point ever where the BTC Top Cap model is starting to bend upwards, ”Woo tweeted. Let’s see how high it will run in 2021. $ 100k is a ridiculously low target on the current trajectory. $ 55,000 is the next milestone -> Bitcoin will become a $ 1T macro asset bucket, ”the analyst added.
The founder and CEO of Zumo, a UK-based crypto wallet and exchange platform, Nick Jones, said the crypto economy is a safe bet for investors.
“The boom in cryptocurrencies extends beyond institutional investors and financial institutions,” Jones explained on Thursday. “While governments want to bolster their economies with injections of money, everyday investors are looking for assets like bitcoin, which are influenced by their trading activities and not those of the government. If the pound devalues, cryptocurrency seems like a safer bet and investors can see the reward. “
“Microstrategy will most likely not buy $ 650 million worth of bitcoin in the market,” said Schiff said. It can easily find whales willing to unload large blocks of Bitcoin in excess of $ 20,000 in private transactions. That means all minnows up front can run a trade that never actually takes place, ”he added.
Meanwhile, after Schiff tweeted the dig at Microstrategy and claimed the company would sell for $ 20k, the price jumped more than $ 3,000 much to the dismay of the gold bug.
What do you think of the crypto economy and bitcoin’s recent gains hitting a 2020 ATH? Let us know what you think about this topic in the comments below.
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