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Bitcoin rallied to the price level of $19,348.27. It was the second time when it was trading above $19k since its inception.
Bitcoin, the mother of over 7000 crypto projects, has set a new multi-year record in the past 24-hours since the last major bull rally in 2017. According to the metrics provided by Coinmarketcap, Bitcoin rallied to trade at $19,348.27, the second time to trade above $19k since its inception. Although below the all-time high, the new Bitcoin multi-year price record has been welcomed warmly in the crypto industry.
On November 24, Bitcoin opened the day trading at $18,365.01, and gained approximately 4% as the volatility increased during the day. Thanks to increased interest from institutional investors, Bitcoin’s market cap has shot to a new record of over $350 billion. According to CoinGecko data analytics, Bitcoin has a market capitalization of $350,068,686,746, with its past 24-hour trading volume at $52,098,734,170.
Bitcoin: Bull Wave May Lead to New Price All-Time High
As the industry ushers in a new bull wave, investors are being warned of increased scams orchestrated through social media platforms. Previously, Ripple CEO Brad Garlinghouse highlighted the plight of crypto investors in the ongoing rally.
“As always, with crypto rallies, come the scam artists with new fake “giveaways” on social media platforms. Why is it taking the platforms so long to take action?” Garlinghouse tweeted.
He went on to cite how cyber attackers took over a popular YouTube channel to impersonate him and scam unsuspecting subscribers.
“For example, hackers took over @AndreoBee’s @YouTube channel to impersonate me, and over 24 hours later + multiple complaints, the channel is still up?! The longer these fakes stay up, the more people that are scammed” the tweet reads.
With Bitcoin being a global accepted asset and currency, it is challenging to regulate it uniformly for a scam free industry. However, with continued mass crypto education, there is hope that reported scam cases will decline over time.
As Bitcoin continues to scale higher by the day, Grayscale Investments has recorded over $12 billion in assets under management. Particularly, Grayscale Bitcoin trust has surpassed $10 billion.
There are 18,553,512 units of Bitcoins in circulating supply out of the possible 21 million. Notably, Bitcoin accessibility has significantly shifted to ATMs around the world, whereby there are approximately 12360 crypto ATMs globally according to Coinatmradar. There has also been a notable acceptance of Bitcoin and other digital assets in most financial institutions as the demand grows immensely.
With PayPal Holdings Inc (NASDAQ: PYPL) being the latest payment giant to enter the crypto market, the next bull run is anticipated to be larger than that of 2017/2018. Binance CEO previously indicated that the crypto industry has the capability to grow over 1000 times based on the demand.
At the time of writing, Bitcoin was trading around $18,965.50 having jumped approximately 3.75% in the last 24 hours.