2 min read
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.
Get the best of Decrypt where you want it most.
Decrypt-a-cookie
This website or its third-party tools use cookies. Cookie policy By clicking the accept button, you agree to the use of cookies.