Bitcoin Price Rising $10K As Crypto Is Predicted To Cross $100K Within 5 Years
Bitcoin’s price spike, which briefly crossed $44,500 on Tuesday afternoon, is now waning.
BTC pulled back to around $43,912 on Wednesday but is still up close to $10,000 in the past five days and is poised to regain January levels.
Bitcoin’s price rose more than 5% on Monday as markets processed new developments in Russia’s invasion of Ukraine, despite risk aversion that pushed down the blue-chip and technology sectors, to which cryptocurrencies have been pegged for weeks.
Markets may be underestimating the economic impact of Russia’s financial isolation. Sanctions were imposed on Russia to cripple its economy and financial systems.
To safeguard the plummeting ruble, which has lost more than 20% of its value, the Russian central bank closed the stock market and doubled the key rate more than to 20%.
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“At that point, Europe and the United States would have to put pressure on the largest exchanges – FTX, Coinbase and Binance – to ban the addresses linked to Russia, and no other major exchange would want to deal with funds that belong to those. addresses came,” said Michael Rinko, a venture associate at AscendEx.
Bitcoin price rises 17% in 24 hours
Buyers’ demand for Bitcoin led to a price increase of 17% in just 24 hours on Monday. While it’s too early to identify a trend, crypto analysts and advisors are looking to see if this breakthrough signals a more significant shift in direction or “decoupling” from equity investments.
BTC total market cap at $832.59 billion in daily chart | Source: TradingView.com
Bullish Rise for Bitcoin
Bitcoin’s price is up 2.40% in the past 24 hours, reaching a high of $44,953.06 and a low of $42,875.
The current market volume is $1.67 billion and the market cap is $840.13 billion.
Due to the Russo-Ukrainian crisis, volatility rates and decoupled stocks for BTC have increased, resulting in a high price for Bitcoin as the first week of March begins.
The Future of Bitcoin: Digital Gold
On the other hand, Bitcoin may in the future tend to compete with gold and other safe-haven assets such as government notes and stocks.
Bitcoin’s immutable software code is increasing the token’s supply at a rate similar to that of gold, 0.5% to 1% per year.
The scarcity of gold helps it maintain its value in times of economic distress and excessive inflation, and it’s not unrealistic to expect Bitcoin to do the same in the digital age.
Related article | Criminal Whales Hold $25 Billion in Crypto Assets: Chainalysis Report
$100K still on the visor
In countries with currency restrictions, dual currency systems, governance issues and corruption, Bitcoin can take off as a store of value.
Meanwhile, many analysts believe that Bitcoin’s price will eventually exceed the $100,000 milestone; however, there are differing views on when that will happen.
According to a recent Deutsche Bank poll, about a quarter of Bitcoin investors expect the cryptocurrency’s price to exceed $110,000 in five years.
Featured image from Verve Times, chart from TradingView.com