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Bitcoin Hits $106K for the First Time as Total Crypto Market Cap Approaches $4 Trillion
The price of Bitcoin has reached a new all-time high, surpassing the $106,000 mark for the first time. This significant milestone comes as the overall cryptocurrency market capitalization approaches $4 trillion.
According to recent data, the price increase of Bitcoin is not a one-off phenomenon, as it’s been consistently rising over the past week by 5.4%. Meanwhile, other major altcoins like XRP and Solana have underperformed, with losses of 3.1% and 4.8%, respectively.
Despite this divergence, the overall market capitalization of cryptocurrencies continues to climb, reaching a staggering $4 trillion. This growth is unlikely to be slowed down by the recent lackluster performance of altcoins.
Interestingly, Peter Schiff, a well-known Bitcoin skeptic, has surprisingly predicted that Bitcoin’s price will continue to rise before eventually collapsing. He believes that Michael Saylor, MicroStrategy cofounder and a prominent Bitcoin proponent, is behind the surge in price.
Notably, MicroStrategy shares have also seen significant growth, rising 8% in premarket trading following Schiff’s prediction.
While opinions about the future of cryptocurrency are diverse, one thing remains clear: the market’s resilience and ability to absorb shocks.
Source: u.today
