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The cryptocurrency market recovered sharply during most of the day. While Bitcoin exceeds $ 6,800, the main cryptocurrency is currently trading at $ 6,846 and the total market capitalization of cryptocurrency has exceeded the $ 200 billion mark.
Bitcoin exceeds $ 6,800, crypto winter seems dead and buried
In this spirit, it seems that the winter cryptocurrency has finally ended officially. In addition, it comes amid a burst of new news relating to cryptocurrencies, indicating that bitcoin could increase even more.
In addition, recent Bitcoin price increases have allowed Bitcoin to regain much of its market dominance. Indeed, the first cryptocurrency has reached a level of market dominance unmatched since December 2017.
At present, Bitcoin occupies a dominant position in the market of about 58%. However, it should be noted that many of the other major cryptocurrencies also recovered during the day. Thus, the total market capitalization of crypto-currencies, which currently stands at $ 208.7 billion, has increased significantly.
The market trend suggests that the price of bitcoin should reach $ 20,000
In addition, a recent report indicates that, judging by past trends in Bitcoin performance, the first cryptocurrency is expected to hit $ 20,000. This suggestion comes from a recent market analysis of Canaccord Genuity financial advisory firm.
The firm has purportedly identified a four-year cyclical market model that it believes will result in the price of bitcoin at a level of $ 20,000. This market model is theoretically attributable to mining by Bitcoin. Nevertheless, its exact reason is unknown. In addition, the company also warns that market models are not 100% reliable:
"As always, we oppose this finding to the obvious – it's simply a pattern recognition and not a reliable fundamental analysis."
Tim Draper predicts Bitcoin will hold a 5% money market share in 2023, priced at $ 250,000
That said, Canaccord Genuity is forecasting a Bitcoin price of $ 20,000 by the beginning of 2021. However, if anyone thinks that this recommendation is too optimistic, it's not in any way a matter of course. ;an abnormality. On the contrary, there are many more positive who also do the trick.
In particular, billionaire investor Tim Draper recently said that Bitcoin would hold 5% of the global market by 2023. In addition, he had previously suggested that Bitcoin would have a price of 250,000 USD from here 2023.
These latest comments were voiced at the SALT conference in Las Vegas, during which Draper also said that he foresaw that the price of bitcoins would continue to rise dramatically.
Rasmus Pihl is a writer for the day's Toshi Times and an avid follower of the cryptocurrency sector at night. Rasmus holds a Bachelor of Marketing degree from the Gothenburg School of Business, Economics and Law and runs a Swedish marketing consultancy. Moreover, when he is not writing for the Toshi Times, is not traveling, working, or changing the world in any other way, Rasmus is more than likely taken in postgraduate studies.
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