‘Rat poison squared’ Bitcoin passes Warren Buffett’s Berkshire Hathaway by market cap
Bitcoin (BTC) saw the highest transaction volume since early 2018 as data suggests that more and more investors are entering the market.
Figures from the on-chain analysis resource Digital Assets Data show that December 2020 already triggered the second largest transaction volume for Bitcoin.
BTC transaction volume eyes record
With a total of $ 252.37 billion, the remaining 24 hours in December could improve the balance even further as it keeps up with December 2017.
1-month chart for Bitcoin transaction volumes. Source: Digital Assets Data
Other indicators, such as the size of unprocessed transactions in Bitcoin’s mempool and the fees for network transactions, also suggest an overall increase in activity.
As Cointelegraph also reported, wallets with large and small balances continue to rise to levels never seen before.
Google Trends has now achieved the highest search interest in “Bitcoin” since February 2018.
Google search interest in “Bitcoin”. Source: Google Trends
The reason it has been getting noticed by both mainstream sources and seasoned crypto traders is because of the price bull run that has continued unabated this week. At press time, Bitcoin challenged $ 29,300 as the persistent refusal to consolidate was more persistent.
On December 30, the largest cryptocurrency surpassed Berkshire Hathaway’s market cap at $ 539 billion. The financial giant whose CEO Warren Buffett famously compared Bitcoin to “rat poison squared”.
Ether continues to outperform
However, despite its year-to-date return of 290%, Bitcoin still pales in comparison to the performance of the largest altcoin, Ether (ETH). As confirmed by Digital Assets Data, ETH / USD has seen gains of nearly 500% since Jan 1st. Compared to the lows in March, the performance is even stronger.
Bitcoin vs. Ether table of returns for the current year. Source: Digital Assets Data
In a series of tweets on Wednesday, Bobby Ong, creator of pricing data website Coingecko, announced his predictions for the crypto market in 2021. Among the key tokens, Ether would see a return to higher transaction fees, but surpass the existing all-time high as of 2018.
“ETH will exceed its $ 1,500 ATH, which is mainly powered by DeFi. Gas tariffs will skyrocket again and present problems with scalability, ”he wrote.
“Most of the year is spent coordinating a Layer 2 scalability solution. I bet ZK Rollup will pick up speed by the end of the year. “
For Bitcoin, Ong predicted a price trend towards USD 100,000, along with the launch of a long-awaited Exchange Traded Fund (ETF) and the first central bank to add Bitcoin to its balance sheet.