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The price of bitcoin crossed a new all-time high on Saturday morning (EST), surpassing $ 31,000 per coin. At around 8:43 am, the value of bitcoin soared to $ 31,417 per unit with a global trade volume of around $ 12 billion.
Bitcoin (BTC) broke through the $ 31,000 price zone and jumped very close to the $ 32,000 range. At around 8:43 am EST, the crypto asset climbed to $ 31,417 per bitcoin, hitting another record high.
BTC increased 5% in the last 24 hours, 15% for the week, 58% in the last month, and 187% for the 90-day period. Over the past 12 months against the US dollar, bitcoin (BTC) has gained 315%.
The hashrate of the crypto asset on Saturday morning hovers around 135 exhash per second with 18 mining pools dedicating the hash to the Bitcoin blockchain. The F2pool mining operation captures 18% of the hashrate or 26.31 exahash per second.
Many crypto supporters celebrated the new bitcoin price hike. After the $ 30,000 crossing, market maniac Holger Zschaepitz said, “Bitcoin goes above 30,000 for the first time just 17 days after the cryptocurrency crossed 20,000.
Another individual wrote: “Well the bitcoin breaking $ 30,000 is [definitely] a solid way to start the year. “
A number of bitcoiners believe wholeheartedly that the price of BTC will climb much higher than the $ 30k handful. “Don’t sell your sats to mega institutional investors for $ 30,000,” Phil Geiger tweeted. “They have a lot more resources than you and they’ll be happy to pay you $ 200,000 for a bitcoin.”
Chain researcher Willy Woo said people shouldn’t insist on investing in bitcoin at this price when the price could very well reach $ 300,000. “If you’re looking for a long-term HODL Bitcoin entry, don’t nickel an entry,” Woo tweeted. “You’re not going to sweat a few thousand dollars of non-perfect entry when it’s $ 100,000, $ 200,000, $ 300,000 a year.” Woo added:
The main bull phase is here. Capital inflows [have] gone mad.
Since bitcoin (BTC) began its bullish rise to an all-time high of 2017, the crypto asset has yet to experience a major pullback. In 2017, BTC saw around four losses of 25-38% during the rise. One analyst says the monthly momentum indicator shows we may see a big pullback soon.
“Something interesting that I’ll be on my guard for (interesting, but not exploitable per se),” trader Mr. Anderson told his 64,000 Twitter followers. “The last and only time BTC saw a monthly momentum reading this top we saw a 38% return [and] an intra-month recovery and continued exponentially.
At the time of publication, the total market valuation of the more than 7,500 digital assets was around $ 800 billion and was advancing steadily towards $ 1 trillion. Bitcoin’s market capitalization represents $ 573 billion of the entire crypto market economy.
Currently, bitcoin (BTC) is trading at $ 31,200 per unit on Saturday, January 2, 2021.
What do you think of bitcoin breaking through the $ 30,000 price zone on Saturday morning? Let us know what you think in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Bitcoin Wisdom, Markets.Bitcoin.com
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