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Bitcoin: the crypto market returns to 2 trillion dollars

Bitcoin: the crypto market returns to 2 trillion dollars

Bitcoin grows at the pace set by investors, who have just turned the cryptocurrency market into a world at the height of a few, such as Apple or Microsoft. We talk of course about its capitalization that reaches again, after losing it in May, the two trillion dollar mark.

A more than select club, with a renewed investor appetite for virtual assets after setting the year’s lows and in search of new goals. Let us also remember the dizzying pace at which this improvement is taking place. In january the capitalization of cryptocurrencies barely it reached a trillion dollars to reach the May 11 highs of 2.6 trillion. Now he takes up the magic number of the billionaire duet.

Although every adventure contains its risks, of course. Any negative news, a misstep anywhere in the world, now at stake with the possibility of legislation and control of this crypto world, 24 hours a day 7 days a week, something very likely, it can ruin that trip already, almost space.

For this reason, and due to the proliferation and increasing importance of virtual currencies that are gaining ground, this path to infinity may cost Bitcoin leadership in the future, although it is not on the table right now. At the moment, it maintains 43.7% of that supertarta, compared to its immediate follower, Ethereum, which reaches a market share of 18.9%. But Bitcoin surpassed 70% in December of last year.

In its stock chart we see that Bitcoin, after yesterday’s correction, rises almost 7% in the last five days, advances, again recovering positions by 43.2% in the month, in the quarter, before the minimum annual cuts 7.6% and so far this year it has advanced 57.5% to complete a year-on-year rise of 287.35% since last August.

Bitcoin annual price

And now we enter the realm of speculation that, in no way, should be despised, since almost no one with certainty, I was thinking about $ 64,788 for Bitcoin, the all-time high for the asset which has been marked this year on April 14.

From Bloomberg Intelligence, Mike McGlones, his senior commodities strategist highlights that, if Bitcoin were to establish a higher and better market performance as Etherium is doing this year, with these exponential growth, its price could reach or be very close to as little as $ 100,000.

In the same way, they are shown from Plan B, the creator of the Bitcoin stock-to-flow price model with that brief: Bitcoin at $ 46,000, and putting, as we see in the image of the tweet, a graph in which it marks the levels of the digital currency after each halving.

Bitcoin tweet about $ 46,000

In fact, market analysts note that the bullish momentum of the price of Bitcoin is maintained, once the barrier of $ 40,000 per unit has been exceeded. But for now, two shadows appear on the asset’s horizon.

The first comes from the United States. Because tomorrow, Tuesday, the infrastructure bill will be voted in the US Senate, which includes a series of provisions related to cryptocurrencies. The idea is to expand Tax on digital assets to raise $ 28 billion for that trillion dollar project. If it goes ahead later, it would have to go through the House of Representatives for provisions that flatly reject the cryptocurrency lobbies.

And the second comes to terms with its fights with sustainability, as has already been shown on numerous occasions. At the end of July Asset manager Candriam, with a portfolio that exceeds 140,000 million euros, highlights the incompatibility between Bitcoin and ESG. And it explains in detail the process of the new currencies, through mining and their high energy expenditure, which they indicate is 0.4% of world consumption, which, as indicated by the University of Cambridge, is placed above consumption of electricity from Argentina or the Netherlands.

Evidence that, being deregulated assets, they can be traded for profit and become the fodder for speculators, who can sometimes skyrocket prices. A 2020 report from CipherTrace puts fraud at $ 1.9 billion, theft and hacking of cryptocurrencies.

Finally, Candriam’s report concludes that cryptocurrencies in general have a long way to go to meet sustainable development criteria.

If you want to know the most bullish values ​​of the stock market, register for free in Investment Strategies.

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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