Thursday, December 17th 2020

Bitcoin Hits All-Time High: Now Worth Over 23,000 USD

Cryptocurrency market capitalization has now hit over $650 Billion, and that is mainly influenced by a single, most wide-spread currency on the network - Bitcoin. The Bitcoin (BTC) is the biggest cryptocurrency available, simply because it was the first one established and well designed. In its history, Bitcoin was priced anywhere from 0.1 cents to tens of thousands of US Dollars. However, in the recent soaring, the cryptocurrency has reached its peak value since it was created. Today, at around 09:14 UTC, the cryptocurrency has reached an astonishing value of 23,441.60 USD, making it a record high value. What is driving the price up and the reason for soaring is unknown, but it is a reflection of the market capitalization of cryptocurrency and its use, so it must mean that the BTC is getting more attention than ever.
Source: Coindesk BTC Price
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27 Comments on Bitcoin Hits All-Time High: Now Worth Over 23,000 USD

#2
Vya Domus
but it is a reflection of the market capitalization of cryptocurrency and its use
Ah yes, it's use ! It's used for ... uhm ...
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#3
agentnathan009
Bitcoin is rising because it is seen as a legitimate alternative for fiat currency. Bitcoin is no longer a joke to investors as it has benefits and features that they are finding appealing in current markets and economies. Paypal has included it as a form of currency which solidified it being a viable form of currency rather than some weird, mysterious thing in the digital dark realm. And if you think over $23,000 is a lot check this out:

As bitcoin busts out new records, these market watchers see $250,000 and even $400,000 on the horizon - MarketWatch

The reason some are speculating such ludicrously high numbers is that there is a finite amount of Bitcoin whereas the Fed can print more money, thus lowering the value. If we had a finite amount of USD then they would theoretically be worth more in the same manner that some are speculating over $100,000 valuation for Bitcoin.
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#5
windwhirl
Not gonna lie, I myself see BTC as an interesting way of combining savings and investments that is probably better than nearly everything else around, but then again I live in the distortion world.

And privacy-minded guys have their own reasons to consider cryptocurrencies.
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#6
Dammeron
Since You can't currently use a credit card on pornhub, only cryptocurrency, I guess bitcoin worth will go even higher. :P
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#7
tomc100
Dang, I sold all my bitcoin when it reached $19,000. I thought I hit the jackpot at the time.
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#8
ryun
Article
What is driving the price up and the reason for soaring is unknown...
Disclaimer: I'm just some random dude on the internet so don't take anything I say as absolute truth.

My hypothesis on the reasoning (if it's anything like last time it spiked then tanked) is that those with lots of legitimate money invested in bitcoin are looking to cash out as soon as the new year hits so they can write it off on next year's taxes instead of this year's. 2021 probably won't see the huge swings that 2020 did so it'll be easier to write off the huge gains from bitcoin next year assuming that the stock market of 2021 will see modest gains/losses. The coin is pumped up in value from new buys with those that have the resources to do so, which will maximize the gains of those same investors. By the end of January, you're going to see the value of the coin has tanked from all the selling.
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#9
TheDeeGee
Shame, i wish it died already so we got proper GPU prices.
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#10
sepheronx
At this rate, its a rich peoples currency. Cant say I can afford any of that besides maybe getting rid of my RSP and dumping into crypto. But I am not a gambler.
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#12
lexluthermiester
TheDeeGee
Shame, i wish it died already so we got proper GPU prices.
Paganstomp
and nVidia smiles...
Except that GPU's are not being used for mining ATM. ASIC's are. The return is not worth the expense, especially on a large scale.
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#13
R-T-B
lexluthermiester
It should be noted that Yearn is well above the above stated price, currently.
coinranking.com/?sorton=price

Probably due to a low issuance unit. It has almost no market cap by comparison.
Vya Domus
Ah yes, it's use ! It's used for ... uhm ...
Transactions.
TheDeeGee
Shame, i wish it died already so we got proper GPU prices.
Has nearly nothing to do with GPU-prices anymore.
Dammeron
Since You can't currently use a credit card on pornhub, only cryptocurrency, I guess bitcoin worth will go even higher. :p
I honestly think this is the reason for the recent rise.
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#15
R-T-B
QUANTUMPHYSICS
ALL Bubbles Eventually find a Pin.
This one will too of course. What bitcoin has shown though is the ability to survive the "pops" longterm.
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#16
Vya Domus
R-T-B
What bitcoin has shown though is the ability to survive the "pops" longterm.
In the same way a drunkard will eventually wake up from the ditch and hit the bottle again.
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#17
mb194dc
It's a bubble in my view, we're at the top of the biggest bubble in history across a whole range of asset classes, stocks, housing, including crypto. Crypto value depends on how much hype can be created across social media and online, no fundamentals or utility as such. Just buy and sell before you lose it all, gambling essentially. It's the peak of the age of stupid.

I reckon the bubble goes pop and we see 70-90% falls in almost everything ultimately. When you look at the real economy and see 1.4m million new total US jobless claims in each of the last two weeks and 20.6m total continuing claims, up 1.6m from the week before. Then you look at last year and realise there were only 1.7 million total continuing claims this time last year. It's vomit worthily bad out there in the real world.
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#18
Chrispy_
Bitcoin value is far too unstable to be useful as a real currency. It could easily be quadruple or a quarter of its value this time next month because there's just about nothing other than speculation giving it any value in the first place and no material backing to stabilise its worth.
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#19
ixi
Etherium price, please rise!
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#20
agentnathan009
Chrispy_
Bitcoin value is far too unstable to be useful as a real currency. It could easily be quadruple or a quarter of its value this time next month because there's just about nothing other than speculation giving it any value in the first place and no material backing to stabilise its worth.
It may gain more stability the more it is seen as a legit currency by financial institutions. Time will tell though.
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#21
PowerPC
mb194dc
It's a bubble in my view, we're at the top of the biggest bubble in history across a whole range of asset classes, stocks, housing, including crypto. Crypto value depends on how much hype can be created across social media and online, no fundamentals or utility as such. Just buy and sell before you lose it all, gambling essentially. It's the peak of the age of stupid.

I reckon the bubble goes pop and we see 70-90% falls in almost everything ultimately. When you look at the real economy and see 1.4m million new total US jobless claims in each of the last two weeks and 20.6m total continuing claims, up 1.6m from the week before. Then you look at last year and realise there were only 1.7 million total continuing claims this time last year. It's vomit worthily bad out there in the real world.
If it's so "bad out there", why is the price of Bitcoin going up? If anything, Bitcoin should have gone down during Covid. I would think that broke people wouldn't be able to afford it.
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#22
windwhirl
PowerPC
If it's so "bad out there", why is the price of Bitcoin going up? If anything, Bitcoin should have gone down during Covid. I would think that broke people wouldn't be able to afford it.
I for one can safely say that the wild ride of BTC's value is a better bet than keeping my savings in my local currency.
Posted on Reply
#23
Arctucas
R-T-B
<SNIP>



Transactions.


<SNIP>
Explain, please.
Posted on Reply
#24
R-T-B
Arctucas
Explain, please.
Money for things.

You decide what.
Vya Domus
In the same way a drunkard will eventually wake up from the ditch and hit the bottle again.
If you want that analogy, sure. Fact is it isn't going away. I told all of you this years ago. The only thing that went away (and thank god) was GPU mining.
Chrispy_
Bitcoin value is far too unstable to be useful as a real currency.
I used to use it as a currency all the time.

It's fine for it. I wouldn't hold it like a currency, but you can spend it fine.
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#25
mb194dc
PowerPC
If it's so "bad out there", why is the price of Bitcoin going up? If anything, Bitcoin should have gone down during Covid. I would think that broke people wouldn't be able to afford it.
Its just a speculative bubble. Maybe helped by so many stuck at home during COVID-19. For me the value of crypto is derived from how much hype and spam is being generated about it on social media, reddit, forums and the rest. Then greed takes over.

Such insanely high levels of claims suggests it is indeed bad out there. If you compare to 2008/9, the peak in weekly claims was 670k~ back then. Figures been above that in every week since the pandemic started and continuing up 1.6m in the last weeks stats alone.
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