Bitcoin Breaks $40,000, So Far Up 35% in First Week of 2021

Ethereum Could Hit $2k in the 5 Months- Crypto Analyst 17

However, the cryptocurrency faces a more hard fight if it wants to crack the top five, with the sixth most valuable entity, Tesla Inc (NASDAQ:TSLA) valued at US$818bn while the fifth place constituent, Google parent Alphabet Inc (NASDAQ:GOOGL), holds a market cap of US$1.2 trillion, US$428bn higher than Bitcoin. It topped $30,000 for the first time on January 2, after surpassing $20,000 on December 16.

The price of Ethereum is moving closer and closer to its all-time high of $1,420 with each passing day.

The market cap of all cryptocurrencies rose 10% to $1.042 trillion on Thursday, data from CoinMarketCap shows.

There's now 18.5 million Bitcoin in existence (88.54%) with only 13.51% left for bitcoin miners to scoop up through mining. But for many and nearly out of the blue, the price of Bitcoin was slingshotted past the $41,000-mark to hit a new all-time high of $41,660, as per data from Coindesk.


While many argued after the May 2020 block reward halving that it would have no effect on Bitcoin's price action, it is quickly becoming clear that this is not the case.

JPMorgan strategists wrote on 5 January that the digital currency has emerged as a rival to gold and could trade as high as $146 000 if it becomes established as a safe-haven asset.

Since Feb. 2020, Bitcoin's exchange reserves decreased by 31% while for ETH, its exchanges' reserves have declined by 20% since May 2020. This may only be possible if the cryptocurrency's market capitalization exceeds private sector gold investment of $2.7 trillion with a rise of 4.6 times.

The demand for Bitcoin to become a conventional payment method has always been anticipated by investors as the cryptocurrency markets have generated long-term profits.

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