Another important milestone is passed once the price of Bitcoin reaches USD 40,000 in the first week of 2021 alone.
Bitcoin (BTC) reached $40,000 on January 7th in the last significant milestone for the cryptomone bull.
BTC price crushes $30,000 tranche in record time
Data from Cointelegraph Markets and TradingView confirmed that the BTC/USD officially reached new highs during Thursday’s trading activity, bringing weekly gains to over 40%.
In just one of Bitcoin’s many accomplishments this year, the leading cryptomoney conquered bearish forecasts of a retraction after rising rapidly during the last 24 hours.
As Cointelegraph reported, Bitcoin’s the news spy review ratio generated signals that suggested the bullish race was far from over and probably just beginning.
According to Cointelegraph Markets analyst Michaël van de Poppe:
“The markets are doing very well and the bull cycle is starting quite well here. That means that the market will probably continue to perform strongly next year. With the standard corrections of 20-30%, be prepared, they happen and represent opportunities.”
“Less than a month after Bitcoin topped $20,000, its price doubled to $40,000. Now it’s hard for anyone to deny that we’re seeing the maturation of an entirely new asset class. This could be the ‘broadband moment’ for crypto currencies, where every company and individual must think seriously about how they engage and interact with crypto currencies,” added Sui Chung, CEO of CF Benchmarks, which is the FCA-regulated index provider that uses CME.
Barry Silbert, who until today was CEO of the asset management company Grayscale, summed up:
“It’s funny to think that a drop in the price of bitcoin to $20,000 would feel like the buying opportunity of a lifetime.”
Meanwhile, news of Bitcoin’s successes reached beyond cryptology circles to financial figures, including Holger Zschaepitz, a popular financial commentator and regular contributor to German news publication Die Welt.
Mati Greenspan of Quantum Economics suggested that:
“Graphs only tell the story of the past and we are in completely new territory. This bullish run started at $10k and 10 times the previous historical high seems to be the norm for a bullish bitcoin cycle. So, as we approach the halfway point with extreme momentum, outstanding volumes and exceptional fundamentals, I see this as a stop on the road to a bitcoin price that could possibly be around $100k.”
On the other hand, David Lifchitz, CIO of the asset management company ExoAlpha, added a note of caution. Bitcoin, he argued, was rising too fast, evoking memories of the dotcom boom.
“What’s troubling isn’t the fact that BTC is going up, it’s its speed (the speed it’s going…) that’s troubling… Definitely in bubble territory, but history has shown that ‘markets can remain irrational longer than they can remain solvent,'” he told Cointelegraph in private comments.
“At the end of 1999, everyone was convinced that we were at the top, but the technology stock bubble lasted another 3 months and rose higher and higher until it finally burst in a big way.
Altcoins surpass Bitcoin’s profits in 2021
So far this year, the BTC/USD pair has obtained yields that are only exceeded by certain altcoins. Currently, Ether (ETH) has risen 62% during the year and Stellar (XLM) has recovered 150%. As a result, Bitcoin’s dominance rate has slipped below 70%.
In the case of Ether, the historical highs remain around the corner and some analysts estimate that the main altcoin could rise to $2,600 in the short term.