The New Year’s Gift That Keeps On Giving?
Update 2: As of 1:56 p.m. EST, Bitcoin has topped $33K
Update: As of 11:09 a.m. EST, Bitcoin has topped $32K
The price of bitcoin has crossed a new all-time high on Saturday morning (EST), spiking over $31k per coin. At around 8:43 a.m., bitcoin’s value climbed to $31,520.20 per unit with roughly $12 billion in global trading volume.
Bitcoin (BTC) has surpassed the $31k price zone, and has jumped very close to the $32k range. At around 8:45 a.m. (EST), the crypto asset spiked to $31,520.20 per bitcoin reaching another all-time price high.
BTC is up 5% during the last 24 hours, 15% for the week, 58% during the last month, and 187% for the 90-day span. Over the course of the last 12 months against the U.S. dollar, bitcoin (BTC) has gained 315%.
The crypto asset’s hashrate on Saturday morning is hovering around 135 exahash per second with 18 mining pools dedicating hash at the Bitcoin blockchain. The mining operation F2pool captures 18% of the hashrate or 26.31 exahash per second.
Lots of crypto supporters celebrated bitcoin’s new price rise. After the $30k crossing, Holger Zschaepitz said: “Bitcoin tops 30k for the first time ever only 17 days after the cryptocurrency crossed 20k.”
Another individual wrote: “Well, bitcoin breaking $30k is [definitely] a solid way to start the year.”
A number of bitcoiners wholeheartedly believe the price of BTC will climb much higher than the $30k handle. “Don’t sell your sats to mega institutional investors at $30k,” tweeted Phil Geiger. “They have far more resources than you and they will happily pay you $200k for a bitcoin.”
The onchain researcher, Willy Woo, has said people shouldn’t stress investing in bitcoin at this price when the price could very well reach $300k. “If you’re looking for an entry to HODL Bitcoin long term, don’t nickel and dime an entry,” Woo tweeted. “You’re not going to sweat a few thousand dollars of non-perfect entry when it’s $100k, $200k, $300k in a year.” Woo added: The main bull phase is here. Capital inflows [have] gone nuts.
Our own analysis indicates a Bitcoin price prediction in the range of between $379,825 and $1,329,389 by the end of 2021.