Digital currency markets have seen decent gains this weekend as bitcoin hit another all-time high (ATH) on Saturday afternoon. Meanwhile, a number of other crypto assets have also seen significant price increases as the full market capitalization of all 7500+ existing digital currencies hovers above $ 800 billion.
The $ 800 Billion Crypto Economy
This weekend, bitcoin (BTC) rose to a new all-time high of $ 33,333 per unit and since then the price has fallen somewhat after the ATH. At time of publication BTC hovers above the $ 32k handle as the crypto asset is up 19.9% in the past week. Meanwhile, the cryptocurrency has a market value of around $ 602 billion, bringing the bitcoin dominance index to just over 71%.
Meanwhile, the second largest market capitalization is owned by ethereum (ETH) fluctuates around $ 88.6 billion. ETH is up more than 21% this week, 25.4% last month, 119% over the 90-day period and 12-month statistics show ETH is up 474%. Currently, ethereum trades at $ 777 per unit and has approximately $ 4.8 billion in trade volume worldwide. Further, since the recent SEC charges against XRPis the limit of the digital currency well below the limit of (USDT) market valuation.
The digital currency XRP trades at $ 0.219 per token. XRP is down 24% over the past seven days, 64% for the month, 10% over the three month and 12 month stats versus the USD show XRP is up 14.6%. The fifth largest position is occupied by litecoin (LTC) which trades at $ 137 per coin. LTC jumped 5.2% this week and 52% in the past 30 days. 90 days of statistics LTC has gained 191% and about 222% for the whole year.
Polkadot (DOT) is currently the sixth largest market as the token is trading at $ 9.08 per unit. DOT is up a whopping 77% this week and 69% in the last 30 days. Bitcoin cash (BCH) currently holds the seventh largest market position on Saturday as each coin trades at $ 362 each BCH. Bitcoin Cash is up more than 9% this week, 20% this month and 59% in the last three months. BCH has a market valuation of approximately $ 6.7 billion and $ 984 million in global trading volume.
Back in the day, as bitcoin crossed a new price bracket in the $ 30k zone, a large number of bitcoin supporters celebrated. The digital asset strategist and director of Vaneck, Gabor Gurbacs, tweeted on bitcoin’s valuation surpassing one of the top ten global banks by market capitalization.
Meanwhile, Mike Dudas, CEO of The Block, tweeted about the sale of a small percentage of the companies. “I sold 10% of my bitcoin today as part of a plan I put in place years ago,” Dudas said. ‘I plan a lot of mine BTC forever, but I also want to enjoy life with my family in 2021. If you’ve had a plan for years, stick with it. A lot of [love] and prosperity friends. “
#bitcoin ATH $ 33k! Next stop the moon?
– Kraken Exchange (@krakenfx) January 2, 2021
After the momentum of the day, popular trader Mr. Anderson one day out BTC can jump $ 10k in one day. “We’ve spent a lot of time fighting for the $ 10,000 level over the years,” he said tweeted. In 2021 BTC will see a $ 10,000 daily candle, ”he added. Another individual wrote: “Hyperinflation is underway and will continue to happen in 2021 – worldwide. If you want to see it, just pull up a bitcoin chart. “
Gold Bug Peter Schiff is not impressed
Not everyone was up for the high prices, however, as long-time bitcoin hater and gold beetle Peter Schiff had to throw in his two cents during the day’s bitcoin run-up. “If you never sell your bitcoin, what difference does the price make?” Schiff asked on Twitter. “When it eventually goes to zero, the percentage loss will be the same for all HODLers, 100%. The main difference is how much you pay, not the price. Those who “invest” the most will lose the most, “added the renowned economist.
Schiff continues said:
Gold is a store of value because people who buy gold now can sell it in the future to buyers who really need to use gold as a metal. Bitcoin’s value stems from the belief that it could be resold at a higher price in the future to speculators who want to make the same bet.
Still, Schiff wasn’t ready after his second tweet and had to make one final statement against the leading cryptocurrency. “The only valid reason to buy bitcoin is to think the bubble will get much bigger before it bursts,” says Schiff tweeted. “Most bitcoin buyers don’t know it’s a bubble, so they will never sell. But since most who do won’t know when it’s popped, they’re also unlikely to make a profit. Meanwhile, the honey badger and the $ 800 billion crypto economy don’t seem to care about Schiff’s Twitter noise.
What do you think of the latest crypto prices this weekend? Let us know what you think about this topic in the comments below.
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