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Bitcoin (BTC) moves past $35K and sets new all-time high

Bitcoin already gained 20 percent in the first five days of 2021.

Image by 3D Animation Production Company from Pixabay

Wed, 06 Jan 2021, 15:39 pm UTC

Bitcoin surprised everyone when the crypto broke the previous 2017 all-time high and soared past $20,000 for the first time in December 2020. But the rally is far from over as BTC set another record this year when it recently traded above $35,000.

Bitcoin set a new all-time high (ATH) the crypto traded at $35,879, according to Bitcoin.com. Based on this new ATH, BTC already gained 20 percent in the five days of 2021.

Trading volume for the crypto also surged to more than $23 billion for the last 24 hours. However, Bitcoin failed to sustain its momentum and is now trading above $34,400 at the time of writing based on data from Coinmarketcap.com. With its recent spike, BTC’s market capitalization also soared higher to $643 billion.

Bitcoin’s new all-time high arrived one day after the U.S. Office of the Comptroller of the Currency published an interpretative letter addressing the issue of whether banks and savings associations could use stablecoins or could participate in independent node verification networks, also known as blockchain networks, according to Cointelegraph. OCC said that a bank can use stablecoins to facilitate payment transactions for its clients.

Bitcoin’s ongoing rally also spawned a number of speculations on where the crypto’s price trajectory could be heading for the rest of the year. For instance, JP Morgan expects the crypto to soar as high as $100,000 this year.

“While we cannot exclude the possibility that the current speculative mania will propagate further, pushing the bitcoin price up towards the consensus region of between $50k - $100k, we believe that such price levels would prove unsustainable,” JPMorgan said.

Fundstrat's Tom Lee also believes that BTC has could quadruple in 2021. “2021 is going to be a lot like 2017 which means bitcoin should do even better in 2021 than it did in 2020, so something above 300%," he said.

Meanwhile, Robert Kiyosaki’s Bitcoin price prediction this year is a bit lower than JPMorgan’s estimates. The “Rich Dad, Poor Dad” author said in a tweet that BTC could rise as high as $50,000 this year.

“Glad I bought Bitcoin,” Kiyosaki tweeted. “Next stop $50 k. Wall of institutional money coming 2021. Buy below $20 k. If you missed Bitcoin, buy silver. Silver set to move due to AOC’s Green New Deal. America in trouble. Future bright for gold silver Bitcoin and entrepreneurs.”

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