Bitcoin and altcoin prices enjoyed more green times on Tuesday as the cryptocurrency market continued to surge.
The world’s largest digital coin surpassed $23,000 (£19,165) as investors again took a contrarian approach to the crypto winter. (All figures based on CoinMarketCap data.)
And, altcoins were well in the green again following concerns last week that the market was about to crater.
BTC to USD
Bitcoin up 8%
Bitcoin was up about 8% as conventional markets close in North America, again disproving Peter Schiff’s recent claim that it is “is dead.” Schiff, CEO and chief global strategist at Euro Pacific Capital and an outspoken economic commentator and bitcoin skeptic, had claimed that it was “just a modern example of the Greater Fool theory” in a panel discussion hosted by Capital.com.
Investors and analysts have wondered aloud lately whether bitcoin was set to sink below $19,000 due to the impacts of rapidly rising inflation and other macroeconomic pressures.
The $20,000 mark is viewed as a potential pivot point towards a large downswing.
FTM to USD
Galaxy boss predicts big increase
Galaxy Digital founder and CEO Mike Novogratz told Bloomberg on Tuesday that he expects bitcoin to get to $500,000 in the next few years.
“This is a story about two things: It’s about adoption and it’s about global economics,” he said. “And while this is a bump in the road in adoption, it’s certainly not a U-turn.”
Financial institutions in Europe, the US and Middle East who haven’t gotten involved in crypto yet, will see the current conditions as a buying opportunity, he added.
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Relative calm
The market has enjoyed a second week of relative calm thus far after the financial troubles of Celsius Network, Voyager Digital and Three Arrows contributed to a severe downturn. All three companies have failed for bankruptcy.
The Celsius Network coin (CEL) continues to trade – but was not among Tuesday’s multitude of gainers. CEL fell about 4%.
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