As predicted by almost every crypto personality for the past few months, Bitcoin’s (BTC) market price has now officially surpassed the $20,000 mark and is still in an apparent upward trajectory. Now, the crypto community is in a buzz, as some are still in disbelief or shock while others are reaffirming their stance – constantly stating: “I told you so.” However, one thing’s for sure; everyone within the crypto space is rejoicing that BTC is amidst its most bullish run ever.
While there may be a dozen reasons for the dominant crypto’s ongoing successes, one can reasonably point out the recent surge of interest of mainstream investments from prominent institutions such as MicroStrategy, PayPal, and Ruffer as the one that’s most impactful. Although Binance CEO Changpeng Zhao (CZ) agrees to this to some extent, he believes that there is more to it with this run than just the entry of several multi-billion institutional investors.
As per CZ, on top of the heightened interest of big-time investors towards BTC, the crypto has also managed to improve its liquidity and on- and off-ramps. He adds that all this is delightful to hear, especially to those that stuck with BTC from the very start – believing in its tremendous potential and long-lasting effects on global economic freedom.
Not even a day removed from this monumental development, many are now confidently professing that BTC could even grow far larger any time soon. Take Peter Smith, the CEO of Blockchain.com, for instance. As he celebrates BTC’s successful surpassing of the $20K mark, he boldly stated that Bitcoin would be inevitable moving forward, and people must go along for the ride before it’s too late. Alex Mashinsky, the CEO of Celsius Network, seemingly agrees with this, saying that BTC could breakthrough $30K sometime in 2021.
Amidst the crypto’s most dominant run, both Coinbase and Binance suffered several technological issues – seemingly unprepared for BTC to actually surpass such an impressive threshold. While this may be old news already, as both firms are notorious for their scaling issues, especially during high traffic periods, it is still reassuring that they acted swiftly to fix what needs fixing.
Bitcoin’s market price is flirting above $21,350, as of press time.