Bitcoin is continuing to break new ground — racing past $56,000 and coming tantalizingly close to surpassing $57,000.
The world’s biggest cryptocurrency largely spent Saturday and Sunday between $54,000 and $55,000 as bulls took a breather following a dramatic week.
It comes as new data suggests that daily transaction volumes on the Bitcoin network hit $31 billion last Wednesday. Tech investor Kevin Rooke says this amounts to a new all-time high, with settlement values jumping 40x since 2020 began.
Meanwhile, BitMEX CEO Alexander Höptner has predicted that at least five developing countries will have adopted Bitcoin as legal tender by the end of 2022 — following in El Salvador’s footsteps.
He pointed to how BTC could help dramatically reduce the cost of remittances, ensuring those on low incomes keep more of the cash that’s sent to them by loved ones working abroad. Höptner also believes this cryptocurrency can serve as a powerful alternative to fiat currencies when inflation is high.
In a blog post, he wrote:
“Fear of change is understandable. But it doesn’t have to be crippling. Faced with an inherently unequal financial system, those who have the most to lose by continuing the status quo are acting in their self-interest to explore alternative options like Bitcoin. It would be wrong — and hypocritical — to thumb our noses at them while continuing to benefit from that same unequal system.”
What’s Next for Bitcoin?
Speaking on the latest episode of the CoinMarketRecap podcast, CrossTower research analyst Martin Gaspar said he believes Bitcoin could hit $150,000 by the end of the year.
With PlanB predicting that the bull run will last for another six months, Gaspar revealed that he thinks BTC could trend higher well into the first quarter of 2022.
However, he said Bitcoin could face challenges if it manages to hit $200,000 as traders will begin to take profits off the table — and that a dramatic surge could cause altcoins to lag in the near term. Gaspar added:
“It’s going to be very interesting to see how traders will react to those levels.”