All eyes are on the world’s largest cryptocurrency by market cap Bitcoin as it has broken above $19,000 and has entered into the zone of its all-time high value. With the break of $19,000, the dominant cryptocurrency has come pretty close to hit its all-time high value that revolves at around $19,783 and was made on the 17th of December in 2017.
Since the 21st of November, the price value of Bitcoin (BTC) was trading in the range of $18,700. During these days, it also lost its crucial support level of $18,000 and dipped down below. However, it has rebounded quickly and has now achieved the $19,000 breakout. With this breakout, the leading digital currency’s rally has increased to $7000 for this month.
Bitcoin has not been able to sustain above this price level and has moved down slightly to the $18,900 level once again. Bitcoin’s price value is slightly up by around two percent over the last day, at the time of writing.
The all-time high value now seems imminent. A rally of around 5 percent in the coming days could take Bitcoin’s price to its all-time value. Once the all-time high value is retested successfully by the top digital asset, it will be able to do big things in the cryptocurrency market. Analysts and experts believe that the flagship cryptocurrency could be able to reach $1 trillion in market capitalization if this value is broken.
As reported by The Forex Professional recently, a senior analyst from Bloomberg Intelligence Mike McGlone claimed that the breakout of $20,000 is the primary hurdle which is stopping Bitcoin from reaching a $1 trillion market cap. As he said:
“$20,000 bitcoin is [the] primary hurdle toward [a] $1 trillion market cap. The digital version of #gold but with more-limited supply and a history of adding zeros, appears to be in an early price-discovery stage and may simply continue its ascent in 2021.”
Though Bitcoin has done well by breaking above this crucial price mark it has still been left behind by the top altcoins XRP and ETH in terms of daily as well as weekly price gains.