Nov 16, · What is that price target? Well, Fitzpatrick says there is a case for bitcoin to hit $, by the end of Remember, even after its recent rally, the crypto has just surpassed the $16, The entire cryptocurrency market — now worth more than $ billion — is based on the idea realized by Bitcoin: money that can be sent and received by anyone, anywhere in the world without reliance on trusted intermediaries, such as banks and financial services companies. Dec 17, · The first real price increase occurred in July when the valuation of a bitcoin went from around $ to $ for a single coin. 1 The currency has .
Bitcoins market valueBitcoin's market value can reach $ billion - JP Morgan Chase | Nairametrics
Dive in below. To start, investors should note that bitcoin is climbing higher in intraday trading to the tune of 4. A handful of news items support this upside move, but one headline over the weekend stands out. What is that price target? Beyond the shock value of that number, it is important for investors to understand just why Fitzpatrick, a senior analyst at Citibank, is so bullish. According to his note, such a major move would follow the historical trajectory of bitcoin.
As I mentioned above, there are all sorts of catalysts at play that benefit bitcoin and its crypto peers. Fitzpatrick dives into the impacts of the novel coronavirus, and more specifically, actions by the Federal Reserve. Many crypto bulls think the intense interventions by the Fed, like near-zero interest rates, will boost inflation. Just like gold, these bulls see cryptocurrencies as a hedge against inflation and an otherwise safe-haven asset. So why not turn to gold instead?
Well, Fitzpatrick writes that although these same catalysts will likely benefit gold, bitcoin is better. All time high. Transaction Count 24h. Average Transaction Fee 24h. Value Transacted 24h. Category Currency. Value proposition Digital gold. Any data, text or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results. CoinDesk is an independently managed media company, wholly owned by the Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
DCG has no operational input into the selection or curation of CoinDesk content in all its forms. Show More. By Olumide Adesina. Continue Reading. Data retrieved from crypto futures analytic platform, Bybt , shows Grayscale had , Bitcoins as of December 21st, The amount surged to , BTCs a day later, an increase of about 12, Latest Trending. Paid Content 31 mins ago. Macro-Economic News 53 mins ago. Coronavirus 1 hour ago.
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