Bitcoin Price Leaps Over $38,600, Analyst Says BTC's Parabolic Move 'Highly Abnormal'

Digital currency markets continue to see strong gains, as the overall market valuation of the crypto economy has jumped $32 billion over the $1 trillion market cap after hitting the record number for the first time. Moreover, the price of bitcoin touched yet another all-time high on Thursday morning (EST) reaching $38,610 per coin.

  • Bitcoin, the leading digital asset in terms of market valuation, is hovering above the $38k handle after smashing through its ATH the day prior. Bitcoin (BTC) jumped to another ATH on Thursday touching approximately $38,610 per unit during the morning trading sessions.
  • Bitcoin is up over 10% during the last 24 hours, 31% during the last seven days, 107% for the month, and 243% for the 90-day span. BTC is also up more than 370% against the U.S. dollar for the last 12 months.

Bitcoin Price Leaps Over $38,600, Analyst Says BTC's Parabolic Move 'Highly Abnormal'Bitcoin (BTC) tapped an ATH of $38,610 on Thursday morning’s trading sessions (EST).

  • The crypto asset’s top trading pair today is tether (USDT), which captures 52.19% of all BTC trades today. This is followed by the trading pairs USD (18.58%), JPY (7.14%), EUR (5.59%), BUSD (4.20%), KRW (3.58%), and USDC (1.53%).
  • Bitcoin’s hashrate is still very high at 155 exahash per second (EH/s) on Thursday as 18 mining pools are mining BTC today. The top five mining pools on January 7, 2020, includes F2pool, Binance Pool, Huobi Pool, Antpool, and Poolin.
  • The second-leading crypto asset, ethereum (ETH) is up 7.4% today and 65% for the last week. ETH is trading for $1,231 per unit and has a market cap of around $140 billion.
  • After suffering for a couple of weeks on end, the third-largest blockchain in terms of market cap, XRP has jumped considerably on Thursday morning (EST). XRP has gained 60% during the last 24 hours of trading and is now swapping for $0.33 per token.
  • While BTC has jumped to new highs, some analysts think the crypto asset’s value may be running hot. The CEO of Cryptoquant Ki-Young Ju tweeted about the funding rate heat three days ago. “I’ll patiently wait for the moment the funding rate cools down,” the Cryptoquant CEO tweeted. “BTC could go up more, but it’s too dangerous,” he added.

  • On January 4, 2020, David Rosenberg, the chief economist of Rosenberg Research told CNBC that bitcoin is in a massive bubble and referred to the crypto asset as being oversold. “The parabolic move in bitcoin in such a short time period, I would say for any security, is highly abnormal,” Rosenberg said.
  • Meanwhile, the aggregate market valuation of all 7,500+ crypto assets on Thursday, January 7, 2020, is approximately $1,038,719,526,309 at the time of publication.

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