The cryptocurrency market has seen a marked wide rally during the better part of the day. As Bitcoin surges past $6,800 the premier cryptocurrency is currently trading at $6,846 and the total cryptocurrency market capitalization has rushed past the $200 billion line.
Bitcoin surges past $6,800, crypto winter seems dead and buried
With this in mind, it would seem as if the cryptocurrency winter has finally come to an official end. Moreover, this comes amid a flurry of fresh cryptocurrency-related news indicating that Bitcoin could rally even higher.
In addition to this, the recent increases in the price of Bitcoin mean that Bitcoin has regained much of its market dominance. In effect, the premier cryptocurrency has now reached a level of market dominance not seen since December 2017.
Currently, Bitcoin has a market dominance of approximately 58%. However, it should be noted that many of the other major cryptocurrencies have similarly rallied during the day. As such, the day has seen a marked boost in the total cryptocurrency market capitalization, which now sits a $208.7 billion.
Market pattern suggests the Bitcoin price is headed for $20,000
What’s more, a recent report is indicating that – judging by past trends of Bitcoin performance – the premier cryptocurrency is supposedly on track for a $20,000 price point. This suggestion comes in a recent market analysis from the financial advisory firm Canaccord Genuity.
The firm has supposedly identified a four-year cyclic market pattern which, it believes, will drive the price of Bitcoin to a $20,000 price point. This market pattern is theorized to be caused by Bitcoin mining. Nevertheless, its exact reason is unknown. Furthermore, the firm also cautions that market patterns are not 100% reliable:
“As always, we caveat this observation with the obvious — this is simply pattern recognition and not reliable fundamental analysis.”
Tim Draper predicts Bitcoin to have 5% monetary market share 2023, price of $250,000
With that being said, however, Canaccord Genuity is guiding for a Bitcoin price of $20,000 by early 2021. However, if anyone believes this guidance to be overly optimistic, it is by no means an anomaly. Rather, there are substantially more positive ones also making the rounds.
Specifically, the billionaire investor Tim Draper recently claimed that Bitcoin will have a 5% market share of the entire world by 2023. Furthermore, he has previously suggested that Bitcoin will have a price of $250,000 by 2023.
These latest comments came during the SALT conference in Las Vegas, during which Draper also noted that he foresees Bitcoin continuing to gain dramatically in price.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.