Bitcoin price is apparently heading towards $ 30,000 and showing no signs of slowing down in weekend trading. Bitcoin price exceeded $ 27,500. BTC market cap has already exceeded half a trillion dollars.
Bitcoin (BTC) continues the holiday weekend rally, crossing $ 27,500 on December 27th. Moreover, Bitcoin’s market cap has exceeded half a trillion dollars for the first time.
Bitcoin market cap exceeded $ 500 billion
New record highs for Bitcoin came three days after breaking the $ 24,000 resistance. This also means that the BTC price has doubled in the last two months, after only increasing by about $ 10,000 in December.
Bitcoin’s market cap has now exceeded $ 510 billion, which brings it under Warren Buffett’s tenth-largest company in the world, Berkshire Hathaway. The other day, Bitcoin exceeded Visa’s market value.
Stock flow model works
This weekend’s surge pushed Bitcoin’s price above the average trend line (about $ 24,900) of the popular stock flow model, which envisions a target of $ 100,000 by December 2021.
At the same time, the current bull cycle looks different and more sustainable from 2017, and many traders expect more bulls in the coming months. The reasons for this are the corporate buying spree, stronger fundamentals, less available supply in stock exchanges, and relatively little attention from retail buyers.