Bitcoinâ€™s price continues to move northbound, as the crypto assetâ€™s value has touched another all-time high (ATH) this week reaching $41,970 per coin on Friday morning (EST). The digital asset bitcoin is now the 7th most valuable asset worldwide with an overall market valuation of around $778 billion today.
Cryptocurrencies across the world have seen enormous gains during the last week and this week bitcoin (BTC) has touched multiple all-time highs. BTC has touched another ATH on Friday morning (EST) reaching a whopping $41,970 per coin at 10:00 a.m (EST). At the time of writing, bitcoin is swapping for $41,900 per unit after dropping a hair lower. The crypto asset saw a massive drop yesterday after quickly touching the $40k handle dropping well over 10% to the $36,388 range at 1:48 p.m. on Thursday afternoon.
Bitcoinâ€™s market cap today is hovering above the $778 billion range and has $34 billion in global trade volume on Friday. Hashrate has dropped some after riding above 165 exahash per second (EH/s), BTCâ€™s hashrate is now only 135 EH/s. There are still roughly 18 mining pools on Friday, with F2pool leading the pack with 24.5 EH/s. The top trading pair with BTC today is still tether (USDT) as it captures 49% of daily trades today. This is followed by pairs like the USD (20.12%), JPY (7.95%), EUR (5.92%), BUSD (4.69%), and KRW (3.16%).
BTC is up over 8% today, 41% for the week, 123% during the last 30 days, 267% for the 90-day span, and 431% against the dollar all year long. The second-largest crypto asset in terms of market cap is ethereum (ETH) which is swapping for $1,253 per unit. ETH has done extremely well this year and is up 72% for the week, 119% during the last 30 days, 238% for the 90-day span and a whopping 812% against the USD for 12 months. Ether only has 13.35% more to go to reach the ATH from three years ago at $1,431 per coin.
Of course, the crypto community has been excited about the bullish prices and many have been saying we still have a ways to go price-wise. Morgan Creek cofounder, Anthony Pompliano, discussed the subject on CNBCâ€™s Fast Money broadcast yesterday and said bitcoin would be far superior to gold someday. Pompliano told CNBCâ€™s Melissa Lee that â€œBitcoin is a 10x improvement on goldâ€ and â€œwe will one day see a $1M Bitcoin price, which is only 2x the gold market cap.â€ Bitcoinâ€™s $778B market cap is now half the size of silverâ€™s market cap of roughly 1,700,000 metric tons of .999 Ag.
In a response to Pomplianoâ€™s guest appearance on Fast Money, Microstrategyâ€™s Michael Saylor said: â€œGradually, then suddenly, investors are coming to the horrifying realization that Gold is a zombie store of value.â€ Similarly, the bitcoin bull, Chamath Palihapitiya, also spoke on CNBC and told the broadcasters that BTC will be going to $200k someday. Palihapitiya spoke about the mistrust in governments and central banks worldwide and said first it will be $100k and then $200k at some point down the road.
The analyst Willy Woo tweeted some opinions that he had as he believes we may never see the $20k price zone again. â€œUpdate,â€ Woo tweeted. Never going to see $20k again, $25k will take a black swan to pierce, rising $500 per day. $30k is formidable support. 30% is the maximum projected pull back once BTC tops at current structure (changing fast),â€ he added.
Following the statements about BTC, an individual asked Woo his thoughts on ETHâ€™s rally. â€œATH is a beautiful thing. Nothing like seeing an asset go into outer space with free flowing price discovery. ETH is about to do that,â€ Woo responded.
What do you think about bitcoin smashing through the $40k handle and capturing over $41k on Friday? Let us know what you think about this subject in the comments section below.
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