Bitcoin prices have hit a new record high today of just over $35,800, causing a wave of elation on crypto social media.
The big move came a couple of hours ago during the Asian trading session on Wednesday, January 6, and has added a whopping 15% to the price of Bitcoin over the past 24 hours.
The price peaked just below $36,000, according to Tradingview.com, which is showing current prices at just over $35,300 at the time of writing.
The massive move has added a whopping 28% to BTC prices over the past seven days and 80% in the past 30 days. It is hard to fathom that Bitcoin was trading at just over $8,000 this time last year.
Market capitalization for the king of crypto is also at an all-time high of just over $655 billion, according to Coingecko, placing it just above Alibaba and in the top ten largest companies. OKEx CEO Jay Hao observed that it had flipped the Chinese e-commerce giant at the peak price.
With the overall market cap reaching $659 billion, #Bitcoin has surpassed Alibaba Group, reaching the top 8 if it were compared to other equities. pic.twitter.com/l5vzeKP7PQ
— Jay_OKEX_CEO (@JayHao8) January 6, 2021
In terms of market dominance, Bitcoin now commands 70% of the entire crypto market, with that total approaching a milestone trillion dollars.
Crypto Twitter Reaction
As expected, there was a massive reaction to the new ATH on crypto twitter with some of the big names in the industry becoming instantly wealthier.
There is literally not enough Bitcoin available for all the institutions that want to buy it.
I have been saying for 18+ months that the halving plus historic money printing was going to be rocket fuel.
You’re living through it now.
— Pomp
(@APompliano) January 6, 2021
(@APompliano) Alex Krüger, meanwhile, held a poll asking when BTC will be trading over $50,000. The majority are so overwhelmingly bullish that the top vote was “within a month.”
#Bitcoin will trade 50K
— Alex Krüger (@krugermacro) January 6, 2021
Technical analyst Tone Vays predicted the move a few hours before it happened;
“Bitcoin has just double topped on the 1hr chart. The MRI has been calling the moves perfectly for a week… I’m expecting $35k to be broken next 24 hour,”
Analyst Josh Rager, meanwhile, predicted more price peaks this year;
Another Bitcoin high – get used to seeing this over the next year pic.twitter.com/FwXh7OWQC6
— Josh Rager
(@Josh_Rager) Other Big Market Movers
Bitcoin has not been the only digital asset on fire today as it has been outperformed by Cardano. ADA prices have pumped a monumental 27% over the past 24 hours to reach $0.27 for the first time since May 2018.
Ethereum has managed to reclaim $1,150 in a 12% move while Litecoin grabbed 10% to reach $163. Stellar Lumens is beating them all, though, as XLM pumps 38% to hit $0.22, its highest price for over two years.
Total market capitalization also reached a new all-time high of $967 billion, according to Coingecko.
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