The cryptocurrency market is now worth more than the world’s most valuable company after bitcoin and several major altcoins surged in price on Thursday.
The global crypto market cap is now at $2.37 trillion (£1.73tn), surpassing Apple’s $2.33tn market cap.
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The market has been fueled by a resurgence bitcoin, which has risen by more than a third since the beginning of October.
The world’s most valuable cryptocurrency hit a new five-month high this week, rising above $58,000 to close its all-time high of $64,000.
Ethereum (Ether), Binance Coin, Cardano (ADA) and Ripple (XRP) have all experienced significant gains, with gains of 4-6 percent over the past 24 hours.
The rally reinforced the price predictions made by several leading crypto analysts during the summer, when the market was facing a major downtrend.
One of the most accurate predictions ever came from pseudonymous Dutch analyst PlanB, whose June predictions for the price of bitcoin in August and September proved to be less than a third.
The same price prediction model puts bitcoin on track to hit new all-time highs before the end of 2021.
Such predictions are likely to be derailed by both positive and negative news within the crypto industry, with the recent bitcoin crash leading to a major crackdown on crypto mining in China.
talking to Granthshala Last month, PlanB warned that its forecast could be “destroyed even by a black swan,” such as a further bitcoin ban or a major geopolitical event.
However, the recent roll out of bitcoin legislation in El Salvador, coupled with massive institutional investment, gave him hope that bitcoin was preparing for the “next phase” of its bull market.
Other analysts compared it with bitcoin’s record-breaking rally in 2013, which saw its price from below $100 to above $1,000 in just a few months.
Simon Peters, a crypto analyst at online trading platform eToro, said, “Bitcoin’s current cycle is similar to the 2013 cycle.” Granthshala.
“A supply squeeze is underway and BTC is draining the exchanges. A move beyond the all-time high (ATH) this month or early November would be in line with the 2013 cycle pattern, but we cannot be sure.
“That being said, focusing on the play of a fresh ATH is a short-sighted approach. In the long term we should see an increase in the price and eventually a new ATH will arrive.”
Credit: www.independent.co.uk /