Potential and existing crypto users have been speculating day and night about how far Bitcoin will go. In the current bull run, it is already soaring high at $60,000. The value of the coin has nearly grown 9 times from its $6,800 value last year. However, a study conducted on crypto suggests that the crypto king may pole vault $400,000 in 2021.
The major happening will be the same like that happened in 2013 and 2017. This usually occurs after the Bitcoin Halving event in which every 210,000 blocks are mined after every 4 years. The event last occurred in May 2020. During halving, the reward for mining Bitcoin transactions is cut by 50%. This in turn reduced the inflation rate of Bitcoin.
Also, an “inflection point” for the digital currency is Elon Musk’s Tesla which currently bought $1.5 billion Bitcoin. This may also mark a shift towards “risk-off”.
In general, For the first time earlier this week, the market cap of crypto has reached $2 trillion. At a $1.09 trillion market cap, bitcoin was leading 54.1 % of it. The overall crypto market cap of 6,679 cryptos reached $2.1 trillion as of April 11, 2021. This was in addition to Bitcoin prevailing 53% of the value at $1.1 trillion.