Last Updated on February 1, 2021 by Ope Quadri
In a couple of minutes, bitcoin may be hitting $18,000 to reach all-time high considering its growth in the last 24 hours, a price not seen since the decentralized currency’s all-time high in 2017.
Bitcoin price in Nigeria today is N8,568,905.99 on major trading platforms right now, could go higher or lower depending on some factors
With 18,547,493 BTC in circulation and $49,677,882,212 traded volume at the time of this report Thursday, November 19, 2020 (04:31), the most valuable digital asset may be on its way to break the $19, 000 predictions zone before December.
Bitcoin is at its critical level in the year since its last all-time high in 2017. At the time of filing this report, 1BTC is worth $17,950.70, growing by 1.56% in the last 24hours.
Overall, we’re now closely monitoring bitcoin predictions between 2020 to 2030 released by Crypto Research Report a couple of months ago.
According to the report, BTC is predicted to reach $19,044 to 1BTC before the end of 2020 and fly higher to $341,000/1BTC in five year’s time (2025).
We’ve also noticed that the high demand for bitcoin impacted the upward trend of ethereum, Chainlink, Ripple, BitcoinCash, and other major altcoins in the last 24 hours, data on coinmarketcap reveals, pushing the cryptocurrency’s market capitalization to $502.52Billion as against $334 billion we saw on Wednesday.
BTC Memory of 2017 Is Here
The current upward trend of bitcoin brings back the 2017 memory of bitcoin value against the US dollar when it touched an all-time high of $19,600 on crypto trading platforms.
We’ve seen that the three years of bitcoin issuance from miners pushed BTC’s market cap even higher than we saw on December 17, 2017.
“Government May Blame Bitcoin for Inflation”
To Vinny Lingham, “Governments will start blaming #Bitcoin for hyperinflation as their soft currency price of BTC continues to rise as their citizens try to escape the economic fallout around the corner. Bitcoin will get banned in many countries over the next 12 months, but it will be too late”, he tweeted.
He predicted that South Africa to be the first country to blame inflation on the upward movement of the most valuable digital asset.
What do you mean by “too late”? Seems like it would be very easy for a country like the U.S. to ban transactions on exchanges. If that were to happen, a crash would be inevitable, no? IMO a US ban is a major threat to the $btc bull thesis that bitcoiners tend to brush off.
— Cole (@docintrading) November 18, 2020
In contrary, another Twitter user Cole says ban on crypto transactions on major trading platforms will crash the price of BTC.
“What do you mean by “too late”? Seems like it would be very easy for a country like the U.S. to ban transactions on exchanges. If that were to happen, a crash would be inevitable, no? IMO a US ban is a major threat to the $btc bull thesis that bitcoiners tend to brush off.”
In more than a decade, bitcoin remains the best financial vehicle calling the shot as it has surpassed stocks, equities, commodities.
Crypto asset analyst from Etoro, Simon Peters, said that “bitcoin will now be setting its sights on the all-time high of $20,000” in a note to investors.
According to him, a massive influx of investors from large scale institutions has culminated into the skyrocketing trend of BTC.
He specifically mentioned “listed investment trusts, pension schemes and university endowment funds, which shows how far bitcoin has come,” as some of the contributing factors pushing the value of bitcoin.
“The $20,000 level is clearly the next target for bitcoin. Should we surpass that this year, which I believe is possible, then we are into uncharted territory as sentiment remains positive. Bitcoin’s maturity, evidenced by the diversity of its investors and extensive and wide-ranging data sets, means that we can say with some trepidation, ‘this time is different”.
In Nigeria right now, 1 Bitcoin is worth NGN 8,568,905.99 on one of Nigeria’s crypto trading platforms quitax.
All the way up, what’s your prediction?