At 16:24 UTC, the flagship cryptocurrency, Bitcoin, reached a new all-time high of $85,000 on the Bitstamp platform.
The top cryptocurrency has already increased by almost 100% in 2024 after gaining 155% the year before.
This November, the crypto king has already experienced a 20% increase.
There is currently a 53% likelihood that Bitcoin will reach $100,000 this year, according to polymarket bettors.
How high can Bitcoin go?
Adam Back, the CEO of Blockstream, believes that during this bull market cycle, the flagship cryptocurrency may finish up soaring to as high as $850,000.
According to Back, who was notably quoted in the Bitcoin white paper, the market capitalisation of Bitcoin will surpass that of gold.
“This cycle, I predict that bitcoin will flip the gold market cap, which would be about $850K if gold remained flat. In reality, purchasing bitcoin would deplete gold ETFs, causing gold to decline in value to keep up with it,” he warned.
