Bitcoin bulls who prognosticated a sharp surge have once again been proven right as the number one coin has now broken through the $13,000 mark, setting a new eighteen-month record. Even though the feat is just a few hours old, bulls are a little surer now that Bitcoin can hit its previous all-time high in the near future.
At the moment, data from CoinMarketCap shows Bitcoin gradually heading towards the $14,000 mark as it’s much closer to the new mark than $13,000. Bitcoin has now shown a 20% increase in less than 24 hours as it hit two different thousand-dollar marks in the same period.
The recent rise has now guaranteed the Bitcoin market’s dominance rise to 60%, the first time in more than two years. The correlation between the price surge and the increased dominance clearly shows that there’s a lot of investment being recorded and also points to the possibility that the incoming funds will be long-term.
Watch out for New All-Time Record
Bitcoin’s market cap is now $244 billion and this figure is so encouraging that Simon Peters, an analyst with eToro, has said that the previous all-time high of $20,000 could be achieved and even surpassed within the next fortnight.
Peters is further hopeful that Bitcoin could reach $50,000 or even double of that before the end of the year. Peters is going on the assumption that history could easily repeat itself because, in 2017, Bitcoin only took about two weeks to double and hit its current all-time record.
The current price has shown that Bitcoin’s month-to-date (MTD) returns is now more than 50% and will probably maintain the double-digit profits it’s been pulling for the past two months.
In comparison with other assets in traditional financial markets, Bitcoin’s year-to-date (YTD) returns now sits pretty at 250% which is more than 15 times the YTD returns of the S&P 500.
Altcoin Market
All the noise about Bitcoin has taken attention off altcoins, even the biggest ones. Ethereum, for example, has also had a pretty fantastic run. The market’s second-biggest cryptocurrency by market cap has also recorded a commendable YTD gain of 150%. A few other altcoins have however lost, including XRP, BNB, BCH, and EOS with some of them recording a loss greater than 30% in a one-week period.
