The bullish runs that the digital currency had these past weeks have been nothing short of amazing and chart-topping. The most recent run that the market saw from the Bitcoin was the monumental comeback it had after dipping to the lower $9,000 after hitting $11,000.
Bitcoin recently took a massive step back in terms of its prices after hitting the luscious $11,000 with just a span of, more or less, 5 days. The cryptocurrency suffered a massive sell-off after the upbeat run it received over the holiday which gave the digital currency a massive new following both on new users, transactions, and trades.
The famous digital currency is still considered as the largest and biggest digital currency due to it's whopping and current market capitalization. This upbeat and bullish run that the Bitcoin is experiencing is also helping lesser coin, or altcoins, to gain ample traction in the community.
Bitcoin Surges to $12,000
The massive digital currency just keeps on growing and growing despite left and right allegations and news about it being the biggest bubble since the dot-com era; according to reports, the cryptocurrency managed to surge past the $12,000 mark and was seen trading at a whopping $12,201.67. The recent surge also managed to push the current market cap to $200 billion.
The most recent surge pushed the new market cap to an estimated $203 billion, tramples the current market cap the Goldman Sachs has by two times.
Analysts are mesmerized by the coin’s performance; starting at a mere $1,000 this year and managing to outgrow and outpace most of the competition it had. Monumental milestones that the cryptocurrency had were passing the $5,000 mark last October and now, its $12,000 run.
More Bitcoin Data
The earlier price of Bitcoin was tallied to be hovering at $11,400 before surging past $12,000; meanwhile, the current exchanges in South Korea are reportedly at $14,000 while trading at $10,000 just a month ago.
Analysts on Recent Bitcoin Surge
According to a recent inter of Stephen Roach, former chairman and chief economist for Morgan Stanely Asia, "This is a dangerous speculative bubble by any shadow or stretch of the imagination." And "I've never seen a chart of a security where the price really has a vertical pattern to it. And bitcoin is the most vertical of any pattern I've ever seen in my career,"
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