Earlier today, Bitcoin breached the $20,000 barrier. Just a few hours later, it blew past the $21,000 mark. And its upward trajectory continues.
It just topped $22,000, thereby setting another all-time high, according to data from CoinMarketCap.
With today's price movement, Bitcoin's market cap has also reached $403 billion, surpassing Johnson & Johnson as the 13th-biggest asset by market cap, according to AssetDash. It's nearly as valuable as Walmart, which has a market cap of $411 billion.
Blockstack CEO Muneeb Ali believes the price increase is tied to the Bitcoin halving—the quadrennial event in which Bitcoin's block reward to miners is cut in half. The latest halving occurred in May 2020, when the price of BTC was around $10,000.
“The halving event for the last 3 times or so has historically been a signal for starting of a new bull market," he said. "When Bitcoin was $100, the $10,000 number looked impossible, but with the rise from $100 to $10,000 in the back view mirror now, future growth does not sound that crazy to think about."
Notably, Ali was speaking about Bitcoin reaching an all-time high of $20,000. But this morning seems like forever ago now that the price has jumped another 10% since.
Earlier in the day, Brian Armstrong, CEO of crypto exchange Coinbase, warned investors about market rallies. "While we’re always excited to see increased interest in crypto, it’s also important to point out that this is not only a time of high volumes, but also price volatility," he wrote.
In other words, what goes up can come down.