This is not a YES or NO question.
But then the rise in Bitcoin price is all about market cap. Market cap is the current price per coin times all current Bitcoin in circulation at any given time. Market cap is the best method we have to compare the demand and popularity of one crypto vs. another.
The market cap today, 5/27/21, for Bitcoin is about $730B. It hit its all-time high in early May 2021 at about $1.1T. For comparison, gold has a market cap of $10–11T.
Bitcoin has finally been getting a significant amount of mainstream attention this year. This is the reason that many investors have been so bullish on Bitcoin. They think that once Bitcoin gains enough credibility and acceptance from the general public and Wall Street, big institutional investors will jump in and shoot the price sky-high.
The recent crash/correction hurt that objective to some degree. Bitcoin will definitely get to $100K but if I had to guess I don’t think it will make it in 2021.
JP Morgan (American financier and industrial organizer, one of the world’s foremost financial figures during the two pre-World War I decades) has also predicted Bitcoin at $100,000 in 2021.
“It is thus unrealistic to expect that the allocations to bitcoin by institutional investors will match those of gold without a convergence in volatilities. A convergence in volatilities between bitcoin and gold is unlikely to happen quickly and is in our mind a multi-year process,” JPMorgan said.
“We believe that the valuation and position backdrop has become a lot more challenging for bitcoin at the beginning of the New Year,” it added.
Bitcoin is too big to fail, we shouldn’t judge Bitcoin or other Cryptocurrency with their Current Challenge now they will surely Stand Tall again now it Time support Bitcoin, Bitcoin needs more investor than ever to remember we were all happy when it hit 60k Bitcoin has done it before so it will do it again we just need more investor and Bitcoin need our Patient than aver don’t give up keep on buying hold on to it and never let go don’t do something you will regret later.