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The number 1 cryptocurrency (virtual asset) Bitcoin (BTC) in the market capitalization has been weakly flat in the last 24 hours and is below the $27,000 level. He seems to have a deep breath-taking personality following a short-term surge.
As of 6:25 p.m. on the 29th (Korean time), the market price of Bitcoin (BTC, No. 1 in market cap) at CoinMarket Cap is recording about $26,596, down 0.43% from 24 hours ago. The 24-hour trading volume is about $50 billion and the market capitalization is about $492.7 billion.
The total cryptocurrency market cap is $712.7 billion, down 1.56% from 24 hours ago, and the Bitcoin market cap share (BTC Dominance) is at 69.2%.
Analysis has been raised that the possibility of a plunge is increasing as the price of bitcoin, which has recently been breaking new highs, approaches around $30,000.
For example, Vijay Ayyar, head of business at the Singapore cryptocurrency exchange Luno, said, “Bitcoin is likely to rise to $30,000, but it seems to be nearing a peak. We can get some adjustments in the future. The drop will not be as big as 10-15%.”
In addition, Bitcoin and crypto analyst Timothy Peterson said, “According to the self-developed price analysis model, the Metcalfe Model, around $30,000 is a’red alert’ section in 2012, It was analyzed that the likelihood of a large drop in 2014 and 2018 is increasing.”
On the other hand, Max Keizer, an anchor of’Russia Today’ and a famous bitcoin bullish, predicted through a tweet that “when predicted based on hash rate adjustments, etc., the bitcoin price will rise to $35,000 in the short term.” .
Peter Brandt, a veteran cryptocurrency trader in the US who predicted a bearish cryptocurrency market in 2018, said, “Bitcoin will rise to more than $48,000 in January.” “Bitcoin may experience one big correction amid the uptrend. Yes, but this adjustment does not mean a long-term bear market (weak market).”
In addition, according to the US economic journal Forbes, renowned cryptocurrency analyst Alex Krüger predicted that “the short-term trend in Bitcoin will be between $30,000 and $36,000.”
“In the near future, much faster than expected, global institutional investors and large Wall Street institutions will join the Bitcoin and cryptocurrency markets. (if the leverage ratio does not change only extremely). “The upside potential of bitcoin next year will be sufficient. A series of announcements of bitcoin investments by famous investors and investment procession of global companies will follow.”
Meanwhile, according to Coinness, CMO Ching-ching of the Chinese-based cryptocurrency mining pool F2Pool said in an interview, “The biggest beneficiary of this cryptocurrency bull market is miners.”
In this regard, he explained, “miners are constantly spinning miners to get bitcoin. Institutional investors are entering the market and the demand for bitcoin is increasing. The easiest way to get bitcoin today is mining.”
“Institutional investors are constantly flowing into the bitcoin market, and the number of ultra-large cryptocurrency mining sites outside of China is also increasing. The trend of decentralization of bitcoin mining sites is becoming clearer, and bitcoin mining rather than liquidity mining,” he said. It provides a more stable source of income,” he added.