Whether it was the previously discussed unexpectedly bullish JPM report (which calculated that a mere $6bn in net capital inflows has pushed the crypto market cap to $330 billion), or just the latest unexplained burst of buying out of Asia with another weekend surge in volumes out of Japan and Korea, but last week’s bitcoin mini meltdown and bear market are now long forgotten, and overnight the world’s most popular cryptocurrency has soared again, up $750, or 7%, in the past 24 hours, last trading at a new all time high of $11,795, just $200 away from $12,000.
That means it is up nearly 40% from last week’s $8,500 flash crash. To those who bought at the lows, congratulations.
As a result of the latest burst higher, the market cap of bitcoin is now $196.5 Billion, and with Ethereum and the rest of the cryptocoin sector moving higher in sympathy, the market cap of all cryptocurrencies has hit a new all time high $350 billion.
Following Sunday’s move, Bitcoin’s YTD return has risen to a staggering 12x, while ethereum is up nearly 50-fold.
Bitcoin’s market cap is now the same as HSBC at $196 billion, and greater than that of Coca Cola, Cisco, Toyota, Comcast, Pepsi, Bank of China, and Boeing as it is fast approaching Citigroup at $200 billion.
While every push higher prompts renewed bubble warnings from skeptics, others such as the head of the Russian Blockchain and Cryptocurrency Association and Cryptocurrency Yury Pripachkin, have prdicted the cryptocurrency could hit $20,000 by the start of 2018. Compared to pioneering Bitcoin investor, Michael Novogratz, the Russian’s forecast seems tame: last week “Novo” said bitcoin will continue its relentless rally, hitting $40,000 by the end of next year, while ethereum will triple to $1,500 or more.