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World’s Oldest Operating Crypto Exchange Forecasts Trends For 2021

At the beginning of 2021, the world’s oldest cryptocurrency, Bitcoin, has seen an all-time high of over $40,000 on 8 January 2021, which is not surprising, since institutional investors as well as high-net-worth individuals consider BTC as a hedge against extraordinary fiscal stimulus programs. Here is an AMA summary from Chief Research Officer, Dan at BTCC.

ETH Price Prediction in 2021

The world’s largest financial derivatives exchange, CME Group, announces its ETH derivative product will go live on February 2021, following the launch of Bitcoin derivative product. It means Ethereum will be considered as a financial product, and will be regulated by the Commodity Futures Trading Commission (CFTC). We expect that the launch of ETH derivative product next year will bring more institutional funds into the market, thus the price of ETH is very likely to see a massive rise.

Growing Number of Institutional Players Entering the Crypto Market

The year of 2020 also has seen numerous examples of institutional investors turning their attention to the world’s most popular cryptocurrency. For example, one of the largest insurance firms, MassMutual, has purchased $100 million of Bitcoin on December 2020.

We expected to see the crypto market to rise from the end of 2020 to 2021. The difference between the bull run this year to the one in 2017 is that previous bull was driven by individual investors and some whales. However, the bull run this year is mainly driven by institutional investors pushing the price up.

Top 10 Cryptocurrencies to Look Out for in 2021

The major theme of crypto market next year will be around DeFi, Polkadot, and ETH 2.0, therefore we will expect ETH remain unchanged at the top 2. While XRP, BCH, LTC and EOS are not what the market needs for next year, we expect to see these coins fall out of their current ranking.

Here is a prediction of crypto ranking in 2021 by Dan: BTC, ETH, USDT, LTC, XRP, BNB, LINK, UNI, DOT, BCH.

BTCC currently offer 9 major cryptocurrency trading pairs including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), EOS (EOS), Ripple (XRP), Stellar (XLM), Dash (DASH), and Cardano (ADA). Users can trade Bitcoin with leverage.

About BTCC

Founded in 2011, BTCC is the world’s longest-running crypto exchange and currently headquartered in the UK. With nearly 10 years of operating history, BTCC is known for its safe and stable, top-end market depth, and as well as faster transaction speed. 

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Bitcoin Easily Soars Past $31,000

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.

Bitcoin Tops $32,000
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A Christmas Day Look At The Crypto Market

The Bitcoin price is rising!

The price of cryptocurrency protagonist Bitcoin (BTC) has recently hit the $20,000 milestone, marking a new consecutive day record. According to Coinmarketcap, on December 16th, the Bitcoin price first reached $20,000, climbing to $24,085 on the 19th. As of early Christmas morning, Bitcoin is trading at $24,375 after reaching a high of $24,722 a short while ago. BTC currently has a total market cap of $455.4bn.

But the spotlight is also on Ethereum (ETH), the no. 2 cryptocurrency by market capitalization. According to data published by blockchain data analysis firm Glassnode on December 8th at 11am, there were 1,178,174 wallets holding at least 1 ETH, marking an all-time record. This is a roughly 17% increase over January, when the figure stood at 972,924.

Ripple’s XRP has surged more than 44% in the past 24 hours.

As governments around the world are pouring out money to stabilize the economy shaken by COVID-19 and as low interest rates are persisting, cryptocurrency is also receiving attention from institutions and other investors searching for a destination to invest their ample capital. Data published on the 17th by Bitcoin Treasuries shows that a total of 23 listed and private companies worldwide, including NASDAQ-listed MicroStrategy and Square, held a total of $17.1bn worth of Bitcoin. This represents 4.47% of the total Bitcoin volume in circulation.

The number of Bitcoin fund participants is increasing

Buoyed by the bull market in crypto, the capital flowing into cryptocurrency funds is also increasing.

According to a report by Reuters published on the 7th, the assets under management (AuM) of British cryptocurrency asset management firm CoinShares reached a record high driven by institutional investors. Institutional investors invested $429m, the second-highest figure ever, raising the total AuM to $15bn. This represents an over six-fold increase over the $2.57bn recorded at the end of 2019.

The total AuM of US cryptocurrency asset management firm Grayscale, fueled by an influx of institutional investors and rising cryptocurrency prices, surpassed $15bn on the 17th. Grayscale Capital’s flagship cryptocurrency fund Bitcoin Trust (GBTC) surged by 40% over the previous month, trading at $28.25.

2020 will certainly go down as the year that the Grinch used covid-19 as the means to bring ample aggravation to the global Whoville residents, but Santa would have none of it and brought ample Christmas cheer to all the good little boys and girls HODLing cryptocurrencies!