Bitcoin (BTC) is now back on the path towards $12,000 after being rejected at this threshold two weeks ago. Bitcoin is currently trading at around $11,880 but touched a peak of $11,942 earlier today.
At its current value, Bitcoin has a market capitalization of $220.3 billion, which is around $6 billion less than its peak market capitalization in 2020 that was achieved on August 18. The cryptocurrency has now gained 3% in the last 24 hours and 1.5% in the last week as a result of a sudden uptick in interest in the general cryptocurrency market, representing modest gains in the short term.
Scaling further back, Bitcoin is up 66% year-to-date (YTD) and 24.2% in the last year—indicating a bullish medium-term trend.
Though Bitcoin has slightly appreciated in value in the last month, its daily trading volume has diminished somewhat over this period—dropping from around $28.5 billion per day in early August to $24 billion per day today.
As a result, Bitcoin trading volumes are now down almost 16% in a month. Likewise, Bitcoin has also seen its dominance among cryptocurrencies collapse over the last year, falling from a peak of almost 70% in September 2019 down to a 2020-low of 56.7% today.
Despite its relative weakness in terms of absolute growth, Bitcoin bull Max Keiser said that the cryptocurrency is likely to achieve a new all-time high (ATH) in the near term. This means he predicts Bitcoin will exceed $20,000 relatively soon. In addition to Bitcoin, Keiser notes that both gold and silver are due to achieve an ATH soon—even though both have already recorded back-to-back peaks this year. But that might just be hopeful thinking.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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