The price isn't there yet, but the market cap is

Bitcoin's price hasn't yet made a new all time high but the market cap did.

Sees:

(Source: https://twitter.com/bloodgoodBTC/status/1329366060592717826/photo/1)

This is due to the fact that there is now more supply than there was back in 2017.

This new all time high in market cap is $329 billion.

Market cap is calculated by multiplying the price by the number of coins issued/mined.

This doesn't really much except to those picking their price targets in terms of market cap as opposed to price.

There has been a lot of talk about a trillion dollar market which is still roughly 3x from the current market cap.

If we use that as our target, the price would need to get to about $54k to have a trillion dollar market cap.

That number sounds very reasonable to me in mid to late 2021.

I sold about 30% of my position on this move up the last couple days, but not because my beliefs have changed buy because I am hoping to get some more BTC on an inevitable dip.

The only question is whether that dip will happen around this level or higher. I'm hoping for the former.

Posted Using LeoFinance ^Beta