FX.co ★ Bitcoin competes with gold

Bitcoin's price briefly reached the psychological level of $ 50,000 level twice, and investors are already setting their targets even higher.

Some analysts suggest that as soon as bitcoin is on the other side of $ 50,000, market leaders will set a threshold of $ 100,000. According to Anthony "Pump" Pompliano of Pomp Investments, Bitcoin's price will likely double and exceed 100 thousand dollars by the end of the year.

Meanwhile, Dan Held, Director of Growth Marketing at Kraken, considers Bitcoin to be one of the bullish instruments, predicting that it will overtake the market capitalization of gold.

Considering that currently the market capitalization of bitcoin is hovering at the level of 1 trillion US dollars, which is not so bad, and the market capitalization of gold is about 10.7 trillion US dollars, respectively, the cryptocurrency has something to strive for. Held claims that if this happens, one bitcoin will cost 475 thousand US dollars.

Unfortunately, not everyone agrees with this. Bitcoin critic Peter Schiff, who is at the helm of Euro Pacific Capital, noted that Bitcoin's dominance in the broader cryptocurrency market is declining, which is what happened. At the beginning of the year, the dominance of bitcoin based on market capitalization was almost 70%, but now, it is about 42%. Schiff points to the thousands of cryptocurrencies that make up the market. This number has expanded with the emergence of such niches as decentralized finance or DeFi.