By Solomon Odunayo
The cryptographer Adam Back, who is the Head of Blockstream and a stern Bitcoin maximalist, has recently stressed the possible reason why Bitcoin (BTC) recorded three new all-time highs on Christmas Day.
Recall that Bitcoin hit a $24,700 all-time high, then went on to reach $24.800 and then – on some exchanges such as Bitstamp, Kraken, and others, it hit $25,000.
Making a case on what drove Bitcoin to three all-time highs on Christmas Day, Adam Back stated that the scenarios have nothing to do with institutions, but rather retail investors.
Read Also: Bitcoin (BTC) Will Be Bigger Than Apple, Amazon, and Facebook –MicroStrategy CEO Michael Saylor
Adam Back tweeted, “So $25k* on 25th, three new ATHs $24.7, $24.8 and $25k in a day. You think institutions did that? On Christmas day? Retail did it – only people near a keyboard.”
So $25k* on 25th, three new ATHs $24.7, $24.8 and $25k in a day. You think institutions did that? On Christmas day? Retail did it – only people near a keyboard.
(*$25k if you pick @bitstamp or @krakenfx tho not quite on @bitfinex) pic.twitter.com/6PmiEcdn7v
— Adam Back (@adam3us) December 26, 2020
Bitcoin (BTC) Flipped Visa and Mastercard to Become 11th Largest Asset in the World
Early on Boxing Day, the price of the largest cryptocurrency by market cap, Bitcoin (BTC), tested $25,000.
Although Bitcoin briefly lost the support level, it later reclaimed it. Considering the current market trend, Bitcoin will likely maintain the support for further upside trend. At the time of publishing, BTC is trading at $25,422.05, with a 3.8% price uptrend in the last 24 hours.
Following the record uptrend experienced during the Christmas celebration, Bitcoin (BTC) flipped two giant assets, Visa and Mastercard, to become the 11th largest asset by market valuation.
This was revealed by Asset Dash, a platform that tracks the market capitalization of the world’s largest assets.
At the time of filing this report, Bitcoin market capitalization is relatively $463 billion, about $3 billion higher than that of Visa that currently occupies 12th position among largest global assets, with about $460 billion.
Read Also: Bitcoin (BTC) Would Drop to $1,760 before Massive Upsurge –Popular Elliot Trader Predicts
On the other hand, Mastercard is the 17th largest asset in the world, with a $332 billion market capitalization.
The next asset for Bitcoin (BTC) to flip is Berkshire Hathaway. However, the cryptocurrency still has a long way to go before toppling the asset that currently stands at $531.4 billion in terms of market valuation.
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