Bitcoin's crazy rise can't stop! Although Bitcoin once plummeted by 17% on Monday, Bitcoin continued to attack on Thursday, breaking through $37,500, setting a record high again, with a 24-hour increase of 9%.
According to Coingecko data, the current global market value of cryptocurrencies has exceeded one trillion US dollars. As of writing, the total market value of Bitcoin is close to 700 billion US dollars, accounting for about 70% of the total global market value.
The prosperity of the cryptocurrency market has attracted the attention of investment banks. The international investment bank JP Morgan Chase stated in a research report on January 5 that Bitcoin's long-term price target may reach $146,000. The logic is that the current market value of Bitcoin is still far from the total market value of traditional safe-haven assets, and it needs to at least climb 4.6 times to catch up.
Catherine Coley, CEO of the US branch of the well-known cryptocurrency exchange Binance, gave a slightly lower target price for Bitcoin. She believes that Bitcoin's current bull market indicates that the price of crypto assets may be as high as $100,000.
However, Flipside Crypto, a cryptocurrency research organization, also issued a warning that the current active Bitcoin accounts are close to the highest level in history at the end of 2017. This may be a signal of some investors to sell. At present, less than 2% of trading accounts hold the market. 95% of Bitcoin is listed, so only a few large transactions can affect the price of Bitcoin.
Driven by Bitcoin, Ethereum has risen by 12% in a 24-hour period and is now quoted at $1220.14, and Litecoin has risen by 8% in a 24-hour period and is now at $170.780.