There has been a tremendous inflow of capital to the cryptocurrency markets this week as Bitcoin recorded its highest ever price.
More than $ 80 billion in inflows have been made since Monday, and total market capitalization has peaked at $ 640 billion in nearly 3 years. The figure representing the total values of all cryptocurrencies took place on Thursday, December 17, when Bitcoin reached an all-time high.
It hasn’t progressed at this level since January 2018, when it exceeded $ 830 billion, but the difference was that Eth and most altcoins were at their highest ever price.
This time around, only Bitcoin is making these huge gains as Ethereum and XRP are still falling 56% and 82% respectively from their highs.
This big move of Bitcoin has also caught the attention of mainstream media such as Bloomberg and CNBC, and largely ignorant experts have called it a bubble.
David Marcus of Facebook spoke about the huge scope mainstream organizations are now giving to the crypto king:
“CNBC is talking more about Bitcoin right now than any other asset. 2020 has indeed been a year when BTC has crossed the precipice towards becoming a legitimate entity for many who have not touched or even hit it before.