The price of the world’s largest cryptocurrency sharply declined. Bitcoin has dropped under $17,600 on December 11, which is its lowest level since November. We know that every strong rally ends and gets followed by a corrective period. That period has started as the dominant cryptocurrency fell by more than 10% since hitting a new all-time high ten days ago.
Bitcoin’s price has increased in 2020. It reclaimed its 2017 all-time high after finding support from Wall Street and some of the world’s most prominent investors.
Furthermore, it has to be mentioned that the Bitcoin and cryptocurrency community is looking forward to a slew of developments in 2021. Wall Street giant Wells Fargo has announced it anticipates to be discussing the Bitcoin space more next year.
According to the head of real asset strategy at Wells Fargo, John LaForge, over the past 12 years, Bitcoin and other cryptocurrencies have increased to $560 billion in market cap.
Like speculative interest from traditional investors, BTC and cryptocurrencies have witnessed increased take-up from likes of payments companies PayPal and Square this year. It will likely have an impact in 2021.
According to TradingView’s general manager, Pierce Crosby, the following year centers around continual improvements in continuity between traditional markets and crypto markets.
BTC market cap is $525.77 billion
The crypto total market capitalization increased to a Monday high of $569.88 billion in the current week before dropping to a Wednesday low of $509.70 billion. Significantly, for now, the total market capitalization stands at $525.77 billion.
Moreover, Bitcoin’s dominance grew to a Wednesday high of 64.26% before declining to a Wednesday low of 63.03%. According to the latest news, Bitcoin’s dominance is at 63.80%.
Furthermore, Ethereum, which is the world’s second-largest cryptocurrency after BTC. It has soared by 300% more than the last 12 months amid a flurry of interest in decentralized finance (Defi).
According to Crosby, most of the year’s focus has been on yield and structured products from the trading perspective. We have witnessed a massive wave of futures products and options products come to market.
As we know, institutions are raising their investments into the crypto space; Galaxy Digital founder and CEO Mike Novogratz recently announced that people should invest around 5% of their net worth in Bitcoin and Ether.
Furthermore, according to Winklevoss, Bitcoin’s price will hit $500,000 in the future. He thinks that everyone should invest in it.