Bitcoin doubles in price in less than 21 days

Bitcoin reached $40,000 today, just 21 days after breaking $20,000. Bitcoin's market cap reached $740 billion, while the crypto industry is worth more than $1 trillion, according to CoinMarketCap.

Bitcoin doubles in price in less than 21 days

Bitcoin reached $40,000 today, just 21 days after breaking $20,000. Bitcoin's market cap reached $740 billion, while the crypto industry is worth more than $1 trillion, according to CoinMarketCap. Bitcoin is up 14% on the day and as much as 38% on the year that is only a week old. Bitcoin seems to be in the middle of a perfect storm as the turbulent Trump presidency comes to an end, the global coronavirus pandemic has required unprecedented government aid and money printing, and an attack on the US Capitol yesterday by a mob of Trump-incited rioters has reminded investors of the fragility of our democracy and fiat currency in general. Over 88% of all the bitcoin have already been mined, and there aren't even enough bitcoin to go around for every millionaire in the world to have a full one. The number of millionaires in US dollars reached 47 million in 2020, and their cumulative wealth stands at $158 trillion, according to the World Wealth Report. So 18,594,125 available bitcoin divided by 47,000,000 millionaires means 0.39562 BTC for each millionaire. The millionaires surely won't be happy about this! Bitcoin reached a high of $19,380 in December 2017 before crashing to low $3,000's in 2019. Many traders refer to this as Bitcoin Winter. Bitcoin has doubled its price since its all-time highs of 2017 and its up 386% in the past 12 months. Crypto publications can't seem to make graphics fast enough to keep up with the record highs set by the leading cryptocurrency. Data from Glassnode suggests that Bitcoin isn't anywhere near done, pointing to stronger organic and institutional growth than 2017, the 33 million active user wallets, and the higher amounts of BTC being pulled off exchanges into cold storage, suggesting that more people want to hodl. One JP Morgan analyst even called for $146,000 as a long-term price target for bitcoin as it eats into gold's $10 trillion market cap.