Bitcoin price blasts past $27K — BTC market cap now over half a trillion dollars

152
SHARES
1.9k
VIEWS


Bitcoin (BTC) continues its blistering vacation weekend rally, surpassing $27,000 on Dec. 27. What’s extra, the market capitalization of Bitcoin has surpassed half a trillion {dollars} for the primary time ever. 

BTC/USD hourly candle chart (Bitstamp). Supply: Tradingview

Bitcoin market cap breaches $500,000,000,000

The brand new record-highs for Bitcoin come lower than three days after breaking resistance at $24,000. This additionally signifies that BTC worth has now doubled over the previous two months after gaining practically $10,000 within the month of December alone. 

Bitcoin’s market capitalization can also be now over $510 billion, which places it just below Warren Buffett’s Berkshire Hathaway, the tenth-largest firm on the planet. This comes less than a day after surpassing Visa’s market cap.

As Cointelegraph reported, this weekend’s surge has put the worth of Bitcoin above the imply pattern line of the favored stock-to-flow mannequin (round $24,900), which forecasts a $100,000 target by December 2021. 

On the similar time, the present bull cycle seems to be different and more sustainable than in 2017 with many merchants anticipating extra upside over the approaching months. The explanations for this embody a frenzy of institutional buying, stronger fundamentals, less available supply on exchanges, and nonetheless relatively little interest from retail buyers.

Google searches for “Bitcoin.” Supply: Google Traits

Nevertheless, this does not rule out the opportunity of main pullbacks within the close to time period, notably as BTC worth seems to be steaming towards the following psychological resistance at $30,000. 

“Vertical strikes typically finish in a swift correction (keep in mind Summer season ’19)? These swift corrections are made for the institution of a sideways vary,” warned Cointelegraph Markets analyst Michael van de Poppe on Dec. 27. He added: 

Do not get chopped out of a correction. The bull market will final for an extended interval. Have an extended horizon.