Since Bitcoin broke the $ 50,000 mark, many players in the crypto ecosystem have been bullish on the asset’s future price. As predicted by most bulls, the price of Bitcoin topped $ 52,000 on major exchanges and was trading at $ 52,511.72 with a 24-hour trading volume of $ 68,135,845,464.
At the time of going to press, the digital currency has grown 1.1% in the last hour and 8.1% in the daily period.
Traditional financial institutions are closely monitoring Bitcoin’s performance and showing no signs of stopping as more companies appear to be expressing their interests in the asset.
However, JP Morgan strategists have said that the current price of Bitcoin will be “unsustainable” unless the volatility of the asset’s price “decreases rapidly” from that level. Analysts believed that in order to maintain Bitcoin’s current prices, the asset would need an increase in the flow of real money.
According to data from CoinMarketCap, Bitcoin’s market cap is estimated at $ 969.27 billion, making digital currency the eighth largest asset by market cap in the world.
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