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On Thursday, the value of Bitcoin reached above $ 37,000.
According to Coindesk, as of 03:29 UTC, the cryptocurrency increased by more than 10% and hit a value of $ 37,627.
Meanwhile, in Binance, as of 00:57 UTC, BTC grew by 8.40% and traded at $ 36,810. But a few minutes earlier, it exceeded $ 37,000, in particular, it reached $ 37,002, which is a new record.
To date, Bitcoin accounts for about 68.5% of the global cryptocurrency market.
The last wave of growth began in September last year, and over the past 4 months, its price has increased by more than 260%. Since March 2020, it has grown by 840%.
The coin soared in value especially on December 16, in which it stepped over $ 20,042, which is the historic high since 2017. Then, the price jumped further to $ 28,000 and $ 29,000, and in January 2021, Bitcoin easily overcame several levels at once, rising from $ 30,000 to $ 34,000. On January 6, its price hit $ 35,000. But on Monday, it pulled back by 16% and dropped to $ 28,100. Later on though, the bullish trend returned.
Experts believe that the storming of Trump supporters to the Capitol led to today's sharp rise in prices. After the people broke into the building of the Congress, bitcoin broke above $ 36,000 and reached $ 37,000.
Analysts project that in the long term, Bitcoin could reach a value beyond $ 146,000. The reason for this is the crowding out of gold as a defensive asset and an alternative currency. According to experts, in order to match the total investment of the private sector in the main precious metal through exchange-traded funds, bullion and coins, the current market capitalization of the cryptocurrency ($ 575 billion) should grow by almost 5 times.
However, it is important to note that the convergence of volatility between bitcoin and gold will not happen overnight, but will most likely take several years. Therefore, a theoretical value above $ 146,000 should be considered a long-term goal. In addition, although it is quite possible that BTC could rise to $ 50,000-$ 100,000, such price levels will be catastrophically unstable.
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