The digital currency markets posted decent gains this weekend as Bitcoin hit another all-time high (ATH) on Saturday afternoon. Meanwhile, a number of other crypto assets have seen a sharp rise in prices, as the total market capitalization of all more than 7,500 existing digital currencies is above the $ 800 billion mark.
The $ 800 billion crypto economy
Bitcoin (BTC) hit a new all-time high this weekend at $ 33,333 per unit, and since then the price has fallen slightly after the ATH. At the time of writing, BTC is hovering above the $ 32,000 level as the crypto asset is up 19.9% over the past week. The cryptocurrency now has a market valuation of around 602 billion US dollars, which brings the Bitcoin dominance index to just over 71%.
The second largest market capitalization of Ethereum (ETH) is $ 88.6 billion. ETH is up over 21% this week, 25.4% last month, 119% over the 90-day period, and 12-month statistics show ETH is up 474%. Ethereum is currently trading for $ 777 per unit and has a global trading volume of around $ 4.8 billion. Additionally, the cap on digital currencies has fallen well below Tether’s market valuation (USDT) since the recent SEC fees against XRP.
On Saturday, January 2, 2021, the entire crypto-economy moves with a value of around 817 billion US dollars.
The digital currency XRP is trading for $ 0.219 per token. The XRP is down 24% in the last seven days, 64% for the month, 10% for the three months and in the 12-month statistics against the USD. The XRP is up 14.6%. The fifth largest position holds Litecoin (LTC), which trades for USD 137 per coin. LTC rose 5.2% this week and 52% over the past 30 days. 90-day statistics show that LTC increased 191% and around 222% for the year.
Polkadot (DOT) is the sixth largest market today as the token trades for $ 9.08 per unit. DOT is up a whopping 77% this week and up 69% in the last 30 days. Bitcoin Cash (BCH) currently holds the seventh largest market position on Saturday as each coin is exchanged for USD 362 per BCH. Bitcoin cash is up over 9% this week, 20% this month, and 59% over the past three months. BCH has a market valuation of approximately $ 6.7 billion and a global trade volume of $ 984 million.
During the day, as Bitcoin crossed a new price range in the $ 30,000 zone, a large number of Bitcoin supporters celebrated. Vaneck’s strategist and director of digital assets, Gabor Gurbacs, tweeted about Bitcoin’s valuation, outperforming one of the world’s top ten banks by market capitalization.
Bitcoin (BTC) hit an all-time high today at $ 33,333 per unit and is currently trading at $ 32,392 per BTC.
Meanwhile, Mike Dudas, CEO of The Block, tweeted about the sale of a small percentage of the stake. “I sold 10% of my Bitcoin today under a plan I implemented years ago,” said Dudas. “I plan to keep much of my BTC forever, but I also want to enjoy life with my family in 2021. If you’ve had a plan for many years, stick with it. A lot of [love] and affluent friends. “
#bitcoin ATH $ 33k! Keep stopping the moon?
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– Kraken Exchange (@krakenfx) January 2, 2021
Following the dynamics of the day, popular trader Mr. Anderson stated that one day BTC could jump $ 10,000 in one day. “We’ve spent a lot of time fighting for the $ 10,000 level over the past few years,” he tweeted. “In 2021, BTC will see a $ 10,000 daily candle,” he added. Another person wrote: “Hyperinflation is happening and will happen in 2021 – worldwide. If you want to see it, just bring up a bitcoin chart. “
Gold Bug Peter Schiff is not impressed
However, not everyone imagined the high prices, as long-time Bitcoin hater and gold bug Peter Schiff had to throw in his two cents during the day’s Bitcoin ramp-up. “If you never sell your Bitcoin, what difference does the price make?” Schiff asked on Twitter. “When it finally 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 famous economist.
Schiff continued:
Gold is a store of value because people who buy gold now can sell it in the future to buyers who actually need to use gold as a metal. The value of Bitcoin is based on the belief that in the future it can be resold at a higher price to speculators willing to make the same bet.
Still, after his second tweet, Schiff wasn’t finished and had to make a final statement against the leading cryptocurrency. “The only valid reason to buy Bitcoin is to believe that the bubble will get a lot bigger before it bursts,” Schiff tweeted. “Most Bitcoin buyers don’t know it’s a bubble, so they’ll never sell. But since most who do this can’t tell when it popped, they’re also unlikely to come out with a profit. “Meanwhile, the honey badger and $ 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 on this matter in the comments section below.
Tags in this story
$ 800 billion, BCH, bitcoin, bitcoin cash, BTC, cryptocurrencies, digital currencies, digital currency, DOT, Ethereum, Gabor Gurbacs, Litecoin, Mike Dudas, Anderson, Peter Schiff, Polkadot
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