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The price of Bitcoin hit a record high at 3:12 in the morning (Eastern Standard Time), reaching $28,600. On Wednesday, as the Bitcoin market exceeded $14 billion in global trade, the market value of the crypto asset exceeded $519 billion.
The Bitcoin (BTC) market surged again on Wednesday morning as the price per unit jumped to an all-time high (ATH) of approximately $28,600. Compared with the existing valuations of more than 7,500 crypto assets, the BTC dominance index exceeds 70%, or $519 billion, of the $741 billion in the crypto economy.
Statistics show that BTC has risen by more than 20% in the past 7 days, 41% in the middle of the month, 162% in the past three months, and the exchange rate against the US dollar has risen by 288% throughout the year.
In the past 24 hours, Bitcoin’s transaction volume was $19.28 billion. In addition, the BTC miners received $2.85 million in revenue from 24-hour fees. On Wednesday, there were 1,146,131 active Bitcoin (BTC) addresses.
A recent report released by the digital currency exchange Luno detailed that Bitcoin (BTC) “crushed the stock market this year.”
“The biggest winner in 2020 is Bitcoin, which has a substantial increase of 269%. In contrast, Nasdaq is only 45%.” Luno report pointed out.
Luno explained in the 52nd week of the update: “By 2020, Bitcoin has finally attracted the attention of institutional investors.” “During the Covid pandemic, the entire financial market was turbulent, but the central bank has stepped in to promote monetary stimulus. Governments have launched large-scale fiscal stimulus programs. The background of the intervention is the sharp rise of M2 (+ 25%) and the growing concern about inflation. Due to the value attribute of its storage, this in turn has led to institutions’ Currency attention.”
The portal bitcointreasuries.org shows that 29 companies now have more than 1.1 million BTC, accounting for 5.48% of the supply. Using today’s exchange rate, on December 30, the value of the Bitcoin funds list exceeded $32 billion.
While the price of Bitcoin hit a new high, Peter Schiff, a notorious economist, stated that he believes Bitcoin manufacturers should worry about the US government. “The initiators of Bitcoin believe that Bitcoin is a real threat to the central bank and the fiat currency system,” Schiff Tweet on Wednesday. “Despite this belief, they also believe that if Bitcoin succeeds, the US government that loses the most will not take any action to protect itself from this threat.”
Erik Voorhees, the founder of Shapeshift, disagrees with Schiff. Said: “Fundamentally speaking, no Bitcoiner thinks that the country will not take any action against Bitcoin. The entire system is designed under the premise of complete adversity.” Voorhees added.
What do you think of Bitcoin reaching $28,600 on global exchanges? Let us know your thoughts on this topic in the comments section below.
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