Bitcoin (BTC) Price Surges to $40K Again, Cryptocurrency Market Cap Back to $1T

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Over the past twenty-four hours, Bitcoin (BTC) saw a significant price surge, reaching the $40,000 mark. The rally comes days after the digital token plunged to $27,000 and $23,000 respectively.

Consequently, the overall cryptocurrency market cap regained its momentum and is now back to over $1 trillion.

Bitcoin’s market capitalization reached $734 billion, and the digital token regained over 11% yesterday. The digital token currently has $23 billion in global trade volume.

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Meanwhile, Ethereum (ETH) also gained over 11% and is trading at $1,236 per ether. Other altcoins experienced a price increase in conjunction with Bitcoin’s healthy comeback.

What BTC investors think about the surge

The Bitcoin price increase generated many tweets and comments. Anthony Pompliano, a Bitcoin investor tweeted on Thursday,  “Welp, that was a quick bear market. Bitcoin back to $40,000. Stop listening to fools with no skin in the game”.

 Meanwhile,  Another investor, Plan B commented that the stock-to-flow BTC price model showed it should reach the point of no return, and gain more value.

Plan B stated, “Bitcoin $38k is nice, but I am still waiting for that larger monthly jump that usually marks the phase transition / the point of no return (red arrows).”

On the other hand, major financial firms were skeptical about Bitcoin’s price, like Guggenheim’s Scott Minerd who said Bitcoin is unsustainable and urged investors to sell it. However, many Bitcoiners said that Minerd’s tweet is intended to mislead new investors and lure them to sell so that Guggenheim can buy the cryptocurrency at a low price.

Vinny Lingham, co-founder of Civic said in a Tweet, “If bitcoin breaks $42k, it’s going to run to test $50k pretty quickly, If it doesn’t, then most likely we’re going to be stuck below $40k for a while, with some sideways consolidation [and] this may trigger a big run on altcoins. Keep an eye on ETH, FIL, SOL for major breakouts”. 

To sum up, many investors are optimistic about the future of Bitcoin, even if the cryptocurrency’s very high volatility and highly secure structure can block them from accessing their own BTC account.

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