Bitcoin put up an impressive showing this week – finally breaking through its 2017 all-time high of $20,000, followed by a parabolic run-up peaking at an astonishing and record-breaking $23,800. As of Thursday morning, every Bitcoin investor who has ever bought and held is now in profit. Remarkable.
Bitcoin has officially entered what is now considered price discovery. “Price discovery is a term that describes the process whereby the current market price of any good, service or financial security is established.” (Capital.com)
Bitcoin is considered a digital commodity and store of value. As it has been continuing to break its all-time high price, the fair market value as determined by the market has to reinvent itself and evolve. What we know for certain is that the Bitcoin network is growing, it’s increasingly scarce, in high demand, and in a new phase of its macroeconomic trend. We know resistance levels will be established during the run-up, but for now, the sky's the limit.
“Guggenheim Partners Chief Investment Officer Scott Minerd shocked Bloomberg TV hosts Wednesday afternoon when he said his firm’s fundamental analysis shows bitcoin should be worth $400,000.” (CoinDesk)
Every week we get more news of increasingly optimistic Bitcoin predictions by individuals of greater and greater credibility, managing hedge funds, public companies & major institutions. Many agree that a $1 Trillion dollar market cap for Bitcoin is inevitable.
While new investors try to evaluate Bitcoin like a stock or company, what many fail to consider is that Bitcoin’s value follows much more closely the adoption curve of a social network or the internet as a whole. Whereby Bitcoin gains value as the network grows, following the adoption curve most notably described by Metcalfe’s Law. The more people using and adding to the value, the greater the value of the network.
As more retail and institutional investors than ever are rushing in to buy Bitcoin, it’s once again gone completely viral. Each day more people enter the crypto market, thousands of crypto accounts and wallets are created, and each day the value of Bitcoin and crypto continues to grow over the short-term and long-term.
In summary, as Bitcoin’s record-breaking price is discovered by more and more investors, the network grows, and so does the value through its own price discovery. And for now, let’s see where these exciting new horizons take us.
Top Market Movers
- Litecoin (LTC) +45%
- Bitcoin (BTC) +25.6%
- Dogecoin (DOGE) +25%
- Uniswap (UNI) +24%
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Cointelegraph > “Bitcoin price hits $23K as on-chain analyst says $55K is the ‘next landmark”
Decrypt > "The Rise of the Female Crypto Trader"
Cointelegraph > "Wolfram Alpha teams up with Cardano to build 'avant-garde oracles'"
Decrypt > "What Will Bitcoin Technology Look Like in 20 Years?"
Crypto Potato > "Another Giant Joins In: $15 Million In Bitcoin Bought By Ruffer Investment"
Coindesk > "The Big Banks Positioned to Ride Bitcoin’s Bull Run"