Bitcoin is cruising towards the $50,000 mark. After a period of ups and down following the ‘market crash,’ Bitcoins have come back stronger. For the first time in June, the leading cryptocurrency has hit the $40,000 mark.
After reporting a double figure rise over the weekend, the top tokens jumped a further 4.5% to $41,020. The upward trend has brought much relief to investors however, not all are very happy. The reason being the market being manipulated by tweets. Once again the rise in Bitcoin prices is because of Tesla CEO Elon Musk’s tweet.
When Will Bitcoin Cross $50,000 again?
This is a billion dollars question as Bitcoin crossing the $50,000 mark would mean the market cap of the top cryptocurrency crosses $1 Trillion. At this price point the market cap of Bitcoin is about 750 billion dollars.
While Elon’s twet has been restored, El Salvador’s decision to legalize Bitcoins should not be underestimated. It is a trailblazer and other countries may follow suit.
Some experts and analysts at top financial institutions are already betting on a bullish market in the Q3 and are holding on to their projections. Some ardent fans of bitcoin are betting on a $100k price point by the end of 2021. While that may seem unlikely at this point in time, it is definitely not an impossibility.