Bitcoin Updates Historical Record Above $23,000 Mark

Bitcoin, the largest cryptocurrency in terms of capitalization has updated its all-time high, has broken above the $23,000 mark.

December 17, 2020 | AtoZ Markets – Bitcoin (BTC) has successfully renewed its all-time high (ATH) reached exactly three years ago. Then the leading cryptocurrency set a record at around $20,800 on the Bitstamp cryptocurrency exchange.

Now, Bitcoin has not only reached the aforementioned mark but has also moved further, gaining a foothold at $23,654.

Is $25,000 next?

The next target is speculated as $24K to $25K which is expected to be attained in the coming hours. However, one of the analysts, Bitcoin Educator and Developer Jimmy Song has predicted that Bitcoin may have a huge $40,000 green candle very soon in the coming days.

Moreover, Kevin Svenson, an analyst has said that the Bitcoin bull rally will continue over the entire period of 2020. He has set a huge target of $250,000 and hopes Bitcoin price will hit the target in 2021.

Market capitalization has grown

For the first time in history, the market capitalization of just one cryptocurrency has stepped over the $400 billion mark.

To understand how much this is, just look at the market capitalization of JPMorgan Chase, an American bank that is part of the “Big Four” US banks. At the time of this writing, it is $367.8 billion.

Bitcoin alone represents over 65% of the market capitalization of all other virtual currencies.

Along with Bitcoin, almost all digital assets from the top 10 in terms of capitalization also rose in price, according to data from the coinmarketcap. The total capitalization of the cryptocurrency market grew to $642.3 billion.

The DeFi space also witnessed a spike with the bitcoin uptrend, as the major DeFi tokens like LINK, UNI, YFI Aave, and many others have surged remarkably.

Coinbase goes offline as Bitcoin price rallies

Traditionally, whenever Bitcoin experiences a surge in volatility, cryptocurrency exchanges become inaccessible to most users. So, against the backdrop of a sharp rise in the price of BTC, the American cryptocurrency exchange Coinbase went offline again.

The platform has technical problems with enviable regularity. Coinbase last fell in September when Bitcoin approached the key resistance at $12,000.

However, Coinbase wasn’t the only one who failed to cope with the pressure of user demand for BTC. Binance crypto exchange also experienced disruptions on December 16 at 17:00 GMT.

Recall that the growth of cryptocurrency was preceded by the news that JPMorgan expected another $600 billion in cryptocurrency investments after the largest US insurance company invested $100 million in BTC.

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