Bitcoin takes off suddenly, new historical record close to $42k By Investing.com

Bitcoin takes off suddenly, new historical record close to $42k By Investing.com

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Cryptomonnaies 7 hours ago (08/02/2021 13:37)

UPDATE: Bitcoin’s unexplained leap at the start is finally justified by Tesla’s announcement that it has placed close to US$1.54bn.

Investing.com – After having hesitated since the weekend just below the key $40,000 threshold, Bitcoin has just posted a sudden upward surge, currently at $41,850, up 8% in 24 hours. This is a new historical high.

Recall that the weekend had already been globally positive for Bitcoin, which again briefly breached the $40,000 threshold on Saturday, before correcting slightly, remaining close to this key threshold, until the rise early this afternoon.

However, several experts believe that the upward trend is likely to continue.

« In the medium term, investors can expect the price to hit $50,000 to $100,000, with the current bull cycle targeting $300,000 per unit, » said Florian Grummes, managing director of Midas Touch Consulting, in an interview with Kitco News. « If Bitcoin does the same thing in the last bull market in 2016 and 2017, we will hit $320,000 this time around ».

Mr Grummes added that he did not see it falling below its previous 2017 peak of $20,000, but called for caution, as there is a lot of uncertainty surrounding this cryptomony.

Others, on the other hand, pointed to evidence of Bitcoin’s emergence as a higher-yielding safe haven than gold as further reason for optimism.

Note also that Grayscale’s Bitcoin Trust has increased by nearly 700,000 bitcoins, while gold ETFs have fallen to about 109 million ounces, down from 111 million in October 2020, for those who like to compare Bitcoin to .

It is also worth noting that Bitcoin’s free float, which measures the number of tokens available for trading, fell to 13% of supply, the lowest since 2014, according to Chainanalysis. « This suggests that Bitcoin available for purchase remains scarce despite record prices, » wrote Philip Gradwell, the company’s chief economist, quoted by Bloomberg.

In addition, renowned fund manager Bill Miller has reiterated his support for cryptography by stating that he reserves the right for his Miller Opportunity Trust to invest in the Grayscale Bitcoin Trust, a vehicle that institutions use for exposure to Bitcoin, according to a US regulatory record.

« If retail and institutional interest continues to grow over the next month, Bitcoin could target the $45,000 level, » said Edward Moya, a senior market analyst at currency broker Oanda Corp, also quoted by BBG.

As for the other cryptomoney, it should be noted that it is also on the rise, gaining more than 25% in one week. The cryptos are the most important increase over a week in the top 10 cryptos, with an increase of more than 90%. This allowed it to pass in front of the XRP of in the classification, since this cryptomony is one of the rare ones which fell last week, with a loss of 25%.

Finally, it is worth noting that he managed to integrate the Top 10, with a gain of 16% over 24 hours and 80% over a week, thanks to several help from Tesla’s boss (NASDAQ:) Elon Musk, .

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Bitcoin takes off suddenly, new historical record close to $42k By Investing.com
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