Total cryptocurrency market capitalization hits record $1 Trillion
Total cryptocurrency market capitalization hits record $1 Trillion on January 7th, as Bitcoin surged to a record high. Previous record of $835 billion was 2 years ago, on January 7th, 2018.
Bitcoin’s surge to the sky continues, helping push the market capitalization for cryptocurrencies above $1 trillion, according to CoinMarketCap and it shows Bitcoin accounts for around 69% of the dominance, followed by Ethereum with a 13% share.
Bitcoin keep crossing its all time high continuously and it’s traded at a record high of $41,000 …but it’s really impossible to understand its path.
Bitcoin bulls say it will benefit from its scarcity. For now there’s a limit of 21 million bitcoin that can be mined, and 18.5 million already are in circulation. But this scarcity also leads to volatile trading. Bitcoin has plunged several times since it was introduced in 2009.
A slew of market pros are going gaga over bitcoin. On the same day in December that bitcoin hit $20,000, Scott Minerd, chief investment officer at Guggenheim Investments, told Bloomberg that the Federal Reserve’s “rampant money printing” should ultimately push bitcoin to $400,000.
Moreover, While some outsider may view the cryptocurrency industry being valued at over $1 trillion as an incredibly significant milestone, actually, we should consider the crypto space still in one of its very early stages of development and growth.
Cryptocurrencies are also gaining traction with more mainstream investors who are increasingly convinced that Bitcoin will be a long-lasting asset, and not a speculative bubble as some analysts and investors fear.
JPMorgan Chase strategists led by Nikolaos Panigirtzoglou wrote: “A crowding out of gold as an ‘alternative’ currency implies big upside for bitcoin over the long term”.
Bitcoin advocates are convinced that it’s a store of value, but it’s a store of value only because people think it is. If investors/speculators lose their confidence in the asset, it could crater. But critics remind investors that while many people call bitcoin a digital currency, it doesn’t meet the basic requirement of a currency. It’s barely used as a medium of exchange for legitimate commerce.
The bitcoin (and cryptocurrencies) crowd it may be based on the idea serve as a hedge against inflation and against declines in other financial assets, such as bonds, stocks and FIAT currencies. But it’s still an idea and hasn’t been proven yet.
FD
website
Social Networks
#ath #trillion #marketcapitalization #bitcoin #Advisory #consulting #agency #digitaltransformation #DEFI #businessdevelopment #tokenization #brandawareness #marketing #programmanagement, #digitalservices #cryptocurrency #exchanges #listing #bitcoin #BTC #ETH #de-fi #exchangelisting #ICO #STO #IEO #IPO #boost #icoboosterteam #businessconsulting
