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Bitcoin (BTC), the largest cryptocurrency in the market, continues to expand despite the weak performance of many altcoins. According to CoinMarketCap, Bitcoin has recently surpassed $13,050 and it can continue growing in the coming hours. In addition to it, Mark Yusko, the CEO of Morgan Creek Capital Management, said that Bitcoin is currently experiencing a parabolic move that would help it reach $30,000.
Can Bitcoin Reach $30,000?
During a recent interview with CNBC’s Fast Money, Mr. Yusko explained that Bitcoin became the best performing asset since October 2018. In addition to it, he considers that the market is currently entering a new parabolic move that would help Bitcoin reach $30,000 in the future. This is a very interesting price prediction since there are many individuals and experts that suggested that Bitcoin could eventually reach $40,000.
Compared to the stock market, Bitcoin has surged around 70% since October last year, which is very positive for the virtual currency. Meanwhile, the stock market remained flat and operated in a tight range.
Bitcoin bull @MarkYusko says the cryptocurrency could hit $30,000 before the next major pullback pic.twitter.com/JHPY4cc59x
— CNBC's Fast Money (@CNBCFastMoney) July 8, 2019
Yusko has also suggested that Bitcoin could eventually reach $100,000 by 2021. This is far from the predictions made by other analysts such as John McAfee, that suggested that the most popular crypto could eventually hit $1 million by the end of 2020. If Bitcoin wants to reach $100,000 it would have to grow over 664% from the current values.
Meanwhile, the billionaire and venture capitalist Tim Draper considered that Bitcoin is able to reach $250,000 in just a few years. Bitcoin developers are currently working on the Lightning Network (LN), a second-layer scaling solution for the digital currency that would allow Bitcoin to process thousands of transactions per second without congesting the main blockchain.
There are also several companies and institutions trying to release their services in the crypto space. The Intercontinental Exchange (ICE) is currently working on Bakkt, a platform specifically designed to help institutions enter the market. Meanwhile, other companies such as Fidelity Investments are already testing their products with a selected number of firms.
Bitcoin is currently being traded around $13,060 and it has a market capitalization of $232 billion, as reported by CoinMarketCap. In the last 24 hours, the digital currency surged 5.59% becoming the best performing virtual currency among the top 20.
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