The price of the leading cryptocurrency, Bitcoin, breached the $35,000 mark late on January 5, reaching as high as $35,341 and setting a new all-time high in the process. The previous high of $34,608 was set just two days ago, according to data from CoinMarketCap. With today’s jump, Bitcoin’s market capitalization has swelled to $657 billion. Ethereum has also risen over 9% in the last 24 hours—and 52% in the last week—to reach a current price of $1,120. ETH’s all-time high of $1,432 came on January 13, 2018.
Bitcoin continues its mammoth rally.
At the time of writing, the price of bitcoin is trading at just above $35,200. Asset Dash—which tracks stock prices, crypto tokens, and exchange-traded funds—now ranks bitcoin as the eighth-most-valuable asset on its list. On the last day, it has jumped over Alibaba Group Holding and is now on Tesla’s tail. The largest cryptocurrency by market capitalization is continuing to cross its all-time-highs in a short time. Bitcoin is expected to continue to follow this positive rally in the short term as the cryptocurrency moves inches closer to gain mainstream exposure.
JPMorgan analysts predict bitcoin could go on to touch $146,000.
As reported earlier, strategists at the leading U.S. bank JPMorgan have been crunching the numbers and comparing Bitcoin to the traditional store of value assets such as gold. Led by Nikolaos Panigirtzoglou, the analysts suggested that Bitcoin’s current market capitalization of around $580 billion would have to rise by 4.6 times to create a theoretical price of $146,000. The U.S. Bank made a similar prediction in November last year when analysts at the firm suggested that Bitcoin could rise as much as ten times as it competes with gold for institutional investors.