Bitcoin price rises 12% as Ray Dalio praises Bitcoin as digital gold
Bitcoin has risen 12% in the last 24 hours to US$33,548 after Ray Dalio voices his belief in Bitcoin as a gold-like asset.
- Bitcoin rallies 12% to US$33,548 with its market share of cryptocurrencies appreciating 2%.
- Meme coin DogeCoin posts a stellar 400% rally in 24 hours.
- Ray Dalio declares Bitcoin to be a gold-like asset in a letter to investors.
Bitcoin is trading at US$33,548 at the time of writing, marginally down from the day's high recorded less of US$33,890. Bitcoin has had a daily increase of 12.7% in the last 24 hours from the day's low of US$30,048 recorded almost 24 hours ago according to Coinbase data.
The total market dominance of Bitcoin has risen 2.5% over the last week to 63.99%. This has come at the expense of Ethereum which has lost 1.01% of its market dominance in the same time period.
Its rise comes amid a 400% increase in the spot rate for the meme cryptocurrency DogeCoin (DOGE). The majority of the market for digital assets are in the green following Bitcoin's slipstream. Of the top 20 coins by market cap, the top gainers today are Stellar Lumens (XLM) and Chainlink (LINK) both up 28%, Tezos (XTZ) up 22% and Cardano (ADA) at 14%.
Market sentiment is mixed with some established financial institutions bearish on the price of Bitcoin. Guggenheim's Chief Investment Officer, Scott Guggenheim, claims that a Bitcoin spot rate of US$30-35,000 is unsustainable saying that institutional investment in Bitcoin is not "big enough" to "support this kind of evaluation".
Bitcoin price over the past 24 hours showing a steady ascent
Ray Dalio praises Bitcoin in a letter to investors
Ray Dalio of Bridgewater Associates, the largest privately-held investments firm in the world wrote to investors sharing opinions on Bitcoin and its "analogous competitors", citing it as "one hell of an invention".
Dalio noted the "rising need" for gold-like assets in light of "all the debt and money creations that are underway and will happen in the future". Based on this view Dalio declared, "I view Bitcoin as being a gold-like alternative asset."
In the time since Dalio published those remarks total cryptocurrency market value has increased by over $100 billion to $992 billion dollars underscoring the weight of Ray Dalio's influence in financial markets.
Disclosure: The author owns a range of cryptocurrencies including at the time of writing