Bitcoin Records Biggest Gain for the Past Week and Year as Finance Firm Predicts $20,000 BTC/USD
For the most part, 2019 has been a pretty good year for the crypto market. Apart from the fact that most people agree that the crypto winter which began last year has officially ended, Bitcoin has continued to rise and is on its way to prove true, most of the predictions for the asset that were flying around earlier in the year.
Currently, Bitcoin is now not only the largest cryptocurrency by market cap, but is also the coin that has traded in green the most consistently in the last six months. In a market of around 2,000 different cryptocurrencies, Bitcoin has also lost the least in the last twelve-month period.
In the last few days, the top three cryptos after Bitcoin haven’t gained as much as it has. ETH has gained 17%, BCH 18% while XRP is much lower at 2%. However, in this same period, Bitcoin has gained higher than all of them, at 23%.
Moving back through the last six months, Bitcoin is the only one among these four to record real gain, increasing 11%. ETH dropped by 12%, BCH by 43% and XRP by 41%.
Moving further back a year, the stat still sees Bitcoin higher than the rest. While ETH dropped 72% with BCH dropping 76% and XRP dropping 54%, Bitcoin has done significantly better, also recording a drop but much better than the rest, at 14%.
Bitcoin Continues to Progress
Bitcoin has had the largest market cap and has also had the most involved and populous community, for the longest time. In addition, it has recorded much more incorporation and adoption into new sectors. Also, with the asset having the biggest framework to date, it’s the first crypto on the minds of most people, even those who don’t know a lot about the industry.
Furthermore, Bitcoin has now grown considerably immune to a lot of the criticism that used to negatively impact its price. All the criticism and bad press hasn’t exactly stopped but its market size is not reducing or even staying stagnant in response. Bitcoin is still rising, still winning and might continue this way for quite a while.
According to the financial advisory firm Canaccord Genuity, Bitcoin could reach $20,000 by 2021 according to retrospective projections. The information was released by the company on May 9.
Could Bitcoin Reach $20,000 By 2021?
The prediction made by Canaccord Genuity shows that Bitcoin could reach in 2021 the same price that it had back in December 2017. This would represent a price increase of over 212% in a very short period of time.
One of the things that the company pays attention to is related to the fact that the Bitcoin network is going to be experiencing a new halving. That means that miners will be receiving 50% of the funds they currently receive every single time they find a block. This is something that takes place every four years approximately. This time, the reward will drop from 12.5 BTC to 6.25 BTC per block.
The price prediction that the company made is in line with what other experts and crypto enthusiasts believe that will happen with Bitcoin in the near future.
Just to put an example, the crypto investor Alex Krüger made a poll on Twitter asking whether Bitcoin will be traded above $10,000 in 2019. As per the results of this poll, 57% of the respondents said that they expect the most popular digital asset to reach that level this year.
Will $BTC trade 10,000 in 2019?
— Alex Krüger (@krugermacro) May 10, 2019
The founder and CEO of Galaxy Digital, Mike Novogratz, said that the price of Bitcoin is expected to surpass $20,000 by the end of 2020. However, he didn’t provide any specific reason about why Bitcoin is going to be traded around this price level.
At the time of writing this article, Bitcoin has a price of $6,400 and it has a market capitalization of over $111 billion. As reported by CoinMarketCap, the digital currency has expanded more than 4% in the last 24 hours.
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Bitcoin’s price is $60,466.68 BTC/USD exchange rate today. The real-time BTC market cap of $1.13 Trillion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $24.16 Billion and live coin value change of BTC -1.39 in the last 24 hours.
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