Bitcoin’s monumental move to break $18, today has also lifted its market capitalization to new highs, which in turn has lifted that of the entire market back to February levels. The year has witnessed an impressive growth of the crypto market, with digital coins performing as a store of value amid the COVID crisis. According to data presented by cryptocoin365.de, the combined market capitalization of Bitcoin, Ethereum and XRP, as the three leading crypto coins, hit $bn in December, a % increase year-over-year. Bitcoin is up % in the last 24 hours. The current CoinMarketCap ranking is #1, with a market cap of $,,, USD. It has a circulating supply of 18,, BTC coins and a max. supply of 21,, BTC coins. The top exchanges for trading in Bitcoin are currently Binance, Huobi Global, EtherFlyer, OKEx, and cryptocoin365.de
Bitcoin market cap todayCan Bitcoin Market Cap Hit Higher Than Gold? | Coin Insider
Read More. To that end, the scarce, deflationary quality of Bitcoin makes it totally unlike traditional fiat currencies, which are usually prone to inflation and even hyperinflation in the worst of cases. That means as more investments pour into BTC, its price will likely continue to see upward pressure because there will be no supply response.
Think about how when the price of oil surges, more companies begin producing oil, which then increases the supply and acutely deflates the price of oil accordingly.
No similar supply response can never happen with bitcoins. That means the BTC could potentially shoot up exponentially in future years. But how high? Running the crypto-based Galaxy Investment Partners, Novogratz is betting big on the Bitcoin boom in general as his mid-term BTC price projection suggests.
Central Banks are capitulating. Fiat currencies going the way of Cowrey shells. Bitcoin is God. The day of reckoning is upon us. He knows the ecosystem as well as anyone. Right with the institutional interest and news expected next year, be careful selling: only sell what you can afford to. John McAfee is best known as the creator of the popular McAfee antivirus software.
And his opinions are exceedingly bullish, to say the least. Especially if institutional interest keeps exploding. BTC has accelerated much faster than my model assumptions. I will still eat my dick if wrong. But McAfee has even bolder ideas, to be sure.
In an even newer Twitter exchange, McAfee explained that he believes the BTC price could reach into the billions one day. There are only 21 million Bitcoins. There are 2 billion working people in the world. But if that insane price materializes, McAfee will end up looking like even more of a madman genius than he already is.
The cryptocurrency expert and venture capitalist, Tim Draper, has also given its opinion about the future price of Bitcoin. According to him bitcoin and blockchain technology are one of the best things that happened for businesses. At the same time, he said that in the future Bitcoin could keep growing. About that, he is convinced that the cryptocurrency is the future and that the virtual currency market will gain its place among fiat currencies. Why would I sell the future for the past?
Why would I go and grab some weird fiat subject to the will of some governments? And I am really excited about all the extraordinary things that can happen because of crypto and bitcoin. Cameron Winklevoss is one of the two popular Winklevoss twins. The co-founder of the cryptocurrency exchange Gemini, stated that bitcoin could be worth 40 times its current value. In order to explain why bitcoin could grow up to 40 times, he compared the cryptocurrency market capitalization with the market cap of gold.
During an interview with CNBC he said:. And so a lot of people are starting to se that, they recognize the store of value properties. He has also said that due to the fact that bitcoin has a fixed supply, it is still a very underappreciated asset.
Indeed, he stated that he and his brother believe that bitcoin disrupts gold. While speaking at the World Economic Forum in Davos, he brought some calm to the cryptocurrency market. But Mr Singh said that the kind of volatility that bitcoin experienced is not unusual nor unexpected. In the past, Bitcoin suffered important corrections in just a few days.
Cryptocurrency adoption keeps growing all over the world. In past articles we wrote that enterprises are investing in blockchain technologies and virtual currencies.
Businesses all around the world, including small shops and merchants, are adopting bitcoin and other currencies as a means of payment. It paints a slow and depressed sentiment as Bitcoin exited a 2-year bear market, before entering an upbeat tempo with the rally.
The current bottoming out of the market is played out in neutral organ tones. Want to advertise or get published on BitcoinNews. Market capitalization in cryptocurrency is one of the most common points of reference for newcomers when trying to familiarize themselves with some of the most used or popular cryptocurrencies. In general, market cap combined with daily trading volume can be used as an indicator of how popular a cryptocurrency is and how much money is invested in it.
There are some caveats when using market cap to rank a cryptocurrency. Often, a large amount of coins are held by developer foundations and these may inflate the market cap far above what it really is.
Also, market cap cannot be used to determine which cryptocurrencies have the best characteristics and the most potential; it only indicates the market price multiplied by coin supply.
Often, market price for a crypto is inflated due to speculation that has little to do with its real value. Finally, crypto ranks according to market cap are always changing. All data in this article is from CoinMarketCap. Venture capitalist and Bitcoin bull Tim Draper has predicted that by the cryptocurrency market will be capped at USD trillion, despite the recent downturns in the market. Draper has become notorious in the industry for his seemingly outlandish predictions, and this one does not largely differ from this trend.
The current market cap stands at just above two hundred eighty billion, meaning that an arguably unprecedented amount of growth would be required to meet his forecast.
His comments came during an interview with the financial news publication The Street, where he also predicted the Bitcoin market alone would account for USD 10 trillion of the aggregate market worth in the same period. Draper sees that a turning point will arrive in around four years time when he believes people will be able to pay for everyday items with cryptocurrencies.
For Draper, cryptocurrencies themselves represent a valuable investment. The value of Bitcoin was just USD 0. Some people on Reddit suggest this audio clip should be the Bitcoin National Anthem.
Bitcoin BTC is the gold standard of the cryptocurrency world. Ethereum ETH has gained massive popularity since it has smart contract technology, which facilitates the creation of a wide spectrum of decentralized apps from games to cryptocurrency exchanges.
The development and growth of decentralized apps on Ethereum gives it strong potential to grow long term. It has enough liquidity for institutional investment. Ripple XRP is a platform that facilitates international payments.
Although it has the 3rd highest market cap at USD