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Special Bitcoin News

Bitcoin’s Value Surpasses $23,700, Critics Claim Its a ‘Bubble,’ Onchain Analyst Says $100K Prices ‘Ridiculously Low’

The crypto economy has gained a massive amount of value
during the last few days, as the aggregate market cap of all 7,500+
digital assets is a whopping $640 billion on Thursday. Meanwhile,
the largest blockchain in terms of valuation, bitcoin has touched
an all-time high of $23,777 rising more than 22% in 24
hours.

Digital currency
markets
are doing extremely well this week, as a great number
of coins have seen significant gains during the last three days. At
$640 billion, the aggregate market cap of all the crypto assets in
existence is up over 15% on Thursday. Bitcoin (BTC) recently
touched a lifetime price high at $23,777 recorded on
Bitstamp
on December 17.

The price has dropped some since the all-time high (ATH) and
BTC is
currently trading at $23,107 per unit, up over 11% during the last
24 hours. BTC
has a market valuation of around $429 billion today, which is 65%
of the entire $640 billion crypto economy.

Bitcoin's Value Surpasses $23,700, Critics Claim Its a ‘Bubble,’ Onchain Analyst Says $100K Prices 'Ridiculously Low'During the last day,
ethereum (ETH)
is up 7% and is trading for $663 per unit at the time of
publication. That price gives ETH’s overall market
capitalization a value of around $75 billion on Thursday. The
third-largest market, held by XRP has gained more
than 19% in the last 24 hours and each XRP is swapping for
$0.60.

Similar to XRP, litecoin (LTC) has
also seen double-digit gains jumping over 19% in the last day.
LTC is trading
for $104 per token and has a market cap of around $6.8 billion. In
the sixth position, behind LTC is bitcoin cash (BCH)
which is trading for $323 per unit. BCH has an overall
market valuation of around $6 billion at press time.

Overall, many crypto supporters are extremely bullish and
exuberant about the crypto
price rises
. However, not everyone is so enthused and the
acclaimed Canadian economist, David Rosenberg, recently
said
bitcoin (BTC) is massively
overvalued.

“Bitcoin is a massive bubble,” Rosenberg stated during an
interview with Tom Keene. “The one thing we know about gold, we
know the supply curve of gold with certainty. We don’t know the
future supply curve of BTC, people think they
know but they don’t really know.”

Paolo Ardoino, CTO of Bitfinex disagrees and noted that critics
should take heed of what is being built today.

“Bitcoin’s ascent above US$20,000 is yet another milestone
in what has been an epic year for crypto,” Ardoino told
news.Bitcoin.com. “But the main story is not about speculation or
trading. Bitcoin represents a monumental technological shift, the
consequences of which are only just beginning to be seen. Critics
should take heed of the quiet dedication of those building layers
upon this technology that will change the very nature of money by
the end of this decade,” Ardoino added.

Bitcoin's Value Surpasses $23,700, Critics Claim Its a ‘Bubble,’ Onchain Analyst Says $100K Prices 'Ridiculously Low'Bitcoin (BTC) touched a
lifetime price high at around $23,777 on December 17, 2020.

Many other bitcoin believers believe the price is really just
warming up. Onchain analyst Willy Woo told
his 176,000 Twitter followers that BTC prices at $100k is
a “ridiculously low” target.

“We are not at the all-time-high juncture where the BTC Top Cap Model
starts curving upwards,” Woo tweeted. “Let’s see how high she
runs in 2021. $100k is a ridiculously low target at the current
trajectory. $55k is the next landmark -> Bitcoin becomes a $1T
macro asset bucket,” the analyst added.

The founder and CEO of Zumo, a UK-based crypto wallet and
exchange platform, Nick Jones, said that the crypto economy is a
safe bet for investors.

“The boom in cryptocurrencies goes beyond institutional
investors and financial houses,” Jones explained on Thursday.
“As governments look to shore up their economies with cash
injections, everyday investors are looking to assets like bitcoin
which is influenced by their trading activity and not a
government’s. If the pound is devaluing, cryptocurrency looks
like a safer bet and investors can see the reward.”

Of course,
Peter Schiff
, the infamous gold bug who loves to trash bitcoin
and the crypto economy
had something negative to say when BTC reached an ATH on
December 16.

“Most likely Microstrategy will not buy $650 million worth of
bitcoin in the market,” Schiff said.
It can easily find whales willing to unload large blocks of Bitcoin
above $20K in private transactions. That means all the minnows may
be front running a trade that never actually takes place,” he
added.

Meanwhile, after Schiff tweeted the dig at Microstrategy,
claiming the firm would sell at $20k, the price jumped over $3,000
higher to the gold bug’s dismay.

What do you think about the crypto economy’s recent
gains and bitcoin touching a 2020 ATH? Let us know what you think
about this subject in the comments section below.

The post
Bitcoin’s Value Surpasses $23,700, Critics Claim Its a
‘Bubble,’ Onchain Analyst Says $100K Prices ‘Ridiculously
Low’
appeared first on Bitcoin News.

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Translator / 翻译者 / Traductor