The price of BTC was $19,001 at press time, representing a 2 percent gain in the last 24 hours, as per CoinDesk 20 index.
This happened after BTc’s price broke the $17K and then $18K levels within the same week. On Friday, Rick Rieder, chief investment officer at BlackRock, the global largest asset manager, spoke on CNBC BTC could take the place of gold to a significant extent since cryptocurrency is “so much more functional than passing a bar of gold around.”
The market capitalization of BTC additionally hit its all-time record this week at around $329B, as per data released by cryptocurrency analytic company CryptoQuant.
Guy Hirsch, MD for US at eToro, said this year’s bull market “debunks” the idea that BTC is a “tulip bubble” because “tulips never had a second wave of buying the same way bitcoin has.”
With retail on-ramp sites such as PayPal and CashApp being more prevalent this year than in 2017, BTC’s price might break $20,000 “in the not-too-distant”, according to Hirsch, who also predicted retail investors will come in the market and spike the price.
All except two other coins from the CoinDesk 20, including XRP and ether, have been on the rise in the last 24 hours too.
With additional institutional investors coming into the BTC market and miners not liquidating their positions, “it appears likely that price will continue to rise,” as per a recent newsletter from CrypoQuant.