Bitcoin and Ether are back in the driving seat — with both cryptocurrencies hitting all-time highs on Tuesday.
Exactly one month after setting a new record at $61,683, BTC cracked $63,000 after a sudden breakout — gaining $2,000 in value over the space of one hour.
Meanwhile, ETH has caused a splash after surging beyond $2,200 for the very first time and XRP's jaw-dropping rally is continuing — with the altcoin hitting $1.66 at the time of writing. XRP is now up 66% over the past seven days, and its market cap is gradually catching up with Binance Coin.
The exact cause of BTC and ETH's spike isn’t immediately clear, but it’s possible that we could be seeing excitement start to grow ahead of Coinbase’s stock market debut tomorrow.
And as you might expect, attention is now turning toward the one milestone that’s on everybody’s lips: Bitcoin heading to $100,000.
Dramatic Market Dynamics
Justin d’Anethan, a sales manager at Diginex, recently told Reuters that there are a number of factors that are affecting Bitcoin’s price at the moment. Many miners are not selling their recently minted coins and on-exchange reserves are at multi-year lows. This, when coupled with a healthy appetite for BTC among corporations, hedge funds and retail investors, has helped prices explode.
The latest market moves mean that 100% of the people who have bought Bitcoin are now in profit — and it seems that, at least for now, any danger of a slide down toward $40,000 has subsided.
Among those predicting big things for the future is PlanB, the creator of the stock-to-flow model. Even at $61,000, he said Bitcoin was following this model “like clockwork,” adding: “See y’all at $100,000.”
Gemini’s Tyler Winklevoss also believes that there’s much more room to run when it comes to institutional adoption. He said:
“There are over 40,000 publicly traded companies in the world. Only 32 of them have #bitcoin on their balance sheet. It's still quite early.”