Bull runs don’t get more bullish than whatever is happening to Bitcoin. In the last month, the token has sailed past previous records and its rate of increase has recently been quickening. And today, it rushed straight past $30,000 to hit $31,000, just an hour later. Its all-time high price, $31,450, puts it at a market cap of $583 billion.
At the start of October, Bitcoin was valued at a third of what it is now, but investors were blessed by St Nick’s prodigal spirit this advent season when prices marched past $21k on December 16 to reach $25k by Boxing Day.
New Year continued the bull’s festive run with a 30k high announced earlier today. Many have come onboard, with key votes of confidence in the token coming from Anthony Scaramucci, MassMutual, and Michael Saylor.
It is very possible that Bitcoin may turn the heads of even the most obstinate naysayers. Warren Buffet recently watched it briefly flip his company Berkshire Hathaway despite his long-running tirade against what he calls “rat poison squared.”
Though in a sobering reflection, XRP's recent titanic collapse—the result of a lawsuit filed against its progenitors by the US Securities and Exchange Commission—should encourage investors to keep a watchful eye on Bitcoin’s momentum.
The news has left Ethereum somewhat trailing today, despite its recent performance at times matching Bitcoin. In the last twenty-four hours, it could only manage a little over half the increase of Satoshi Nakamoto’s token.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.