As the cryptocurrency market cap hovers above the $2 trillion mark, bitcoin – the world’s largest and most popular cryptocurrency may touch the $100,000-mark by the end of this year with its current bull run, according to experts. (Also Read: Crypto Market Reclaims Market Cap Of $2 Trillion, Fuelled By Gains In Bitcoin )
”Crypto assets are moving towards becoming mainstream with many brands around the world accepting cryptocurrency as a form of payment. The current bull run is expected to continue and we are highly optimistic that bitcoin will hit the $100,000 mark by the end of this year,” said Mr Shivam Thakral, Chief Executive Officer (CEO), BuyUcoin.
The total market value of cryptocurrencies rose above the $2 trillion mark last month as bitcoin continued to climb along with other coins such as cardano, XRP, and dogecoin. Presently, the global crypto market cap is $2.29 trillion, registering an increase of 0.04 per cent increase over yesterday, according to data by CoinMarketCap.
”The surge in the crypto market cap indicates wider acceptance of crypto assets across the globe. The world’s oldest cryptocurrency, Bitcoin has witnessed a fantastic rally recently and the latest ethereum upgrade, also known as London Hard Fork, has boosted the ether price,” added Mr Thakral, CEO of India’s second-longest-running cryptocurrency exchange.
Bitcoin’s price surged past the $50,000 mark last month for the first time since May, continuing its rebound from a long slump, as investors bet that the prospect of more US stimulus spending would lead to further gains for the virtual asset. Bitcoin has risen by around 81 per cent since hitting a yearly low of $27,700 in January 2021.
The recovery in cryptocurrency comes as a few more established financial services companies offer their customers access to virtual coins. PayPal Holdings Inc announced last month that would allow customers in the UK to buy, sell and hold bitcoin and other cryptocurrencies.
”The current Bitcoin rally was much expected as we saw massive buying from retail and institutional investors during the July price dip. Bitcoin has emerged as the most resilient and lucrative asset class in modern human history and we are optimistic that crypto will become the first choice of investors who are looking to create long-term wealth and beat inflation,” said Mr Thakral, CEO, BuyUcoin.
On Saturday, September 4, bitcoin was seen last trading 1.16 per cent lower at $50,116 against the US dollar, while ethereum – the world’s second-largest cryptocurrency was last down 1.44 per cent at $3,906 against the greenback.