Bitcoin price update: BTC breaks through US$37,000 as alts follow
Bitcoin sets yet another all-time-high as alts pick up the bullish momentum.
- Bitcoin and most of the top 100 altcoins trending upwards over 24 hours
- Ethereum up over 700% year-to-date
- Vitalik Buterin lays the case for the Bitcoin bull run
Bitcoin is trading at US$37,035 at the time of writing according to Coinbase, which is a 9.8% increase in the last 24 hours.
Market sentiment appears to be largely unanimous that Bitcoin and the altcoin market will continue upwards. That notion is reflected across the board as most of the top 100 cryptocurrencies by market cap are up on the day, many with double-digit gains.
Altcoins specialising in payments have shown some of the larger gains in the market off the back of news that US banks can now use blockchains and stablecoins to settle payments, following approval by the OCC regulator. Stellar Lumens (XLM) has shown 64.9% growth in the 24-hour period, up $0.13 to $0.32 overall. Even Ripple (XRP), whose value has been dogged by the recent announcement of federal lawsuits, has increased on the day 9.68%.
Ethereum continues to make positive strides, up 12.7% on the day at $1,210. The leading decentralised network is up 726% on its year-to-date price, outperforming Bitcoin in terms of overall growth in the past year.
Greyscale Bitcoin Trust performance YTD. Source: TradingView
Ethereum founder lays the case for Bitcoin's bull run
In a blog post summarizing the year that was 2020, Ethereum founder Vitalik Buterin laid out his reasoning for the continued Bitcoin bull run. According to him "gold is lame" and he says that millennials share that realisation.
In saying that "$9 trillion has to go somewhere", Buterin is suggesting that a large amount of money could transfer from gold and gold-backed derivatives to Bitcoin and the evolving cryptocurrency markets.
To support this, JP Morgan has been basing its predictions for Bitcoin price forecasting on capital outflows from gold and into the Greyscale Bitcoin Trust (GBTC -OTCMarkets). GBTC is trading at $39.41. That's up 293% on the year to date, largely following the growth in Bitcoin itself.
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Disclosure: The author owns a range of cryptocurrencies including at the time of writing