Bitcoin (BTC) continues its blistering vacation weekend rally, surpassing $27,000 on Dec. 27. What'due south more, the market place capitalization of Bitcoin has surpassed half a trillion dollars for the kickoff time e'er.

BTC/USD hourly candle chart (Bitstamp). Source: Tradingview

Bitcoin market cap breaches $500,000,000,000

The new record-highs for Bitcoin come less than three days after breaking resistance at $24,000. This too means that BTC toll has now doubled over the past two months later gaining nearly $ten,000 in the calendar month of December solitary.

Bitcoin's market capitalization is also at present over $510 billion, which puts it only under Warren Buffett'south Berkshire Hathaway, the 10th-largest company in the world. This comes less than a mean solar day afterward surpassing Visa's market place cap.

Equally Cointelegraph reported, this weekend's surge has put the price of Bitcoin above the mean trend line of the pop stock-to-catamenia model (effectually $24,900), which forecasts a $100,000 target past December 2021.

At the aforementioned time, the current balderdash wheel appears to be unlike and more sustainable than in 2017 with many traders expecting more upside over the coming months. The reasons for this include a frenzy of institutional buying, stronger fundamentals, less available supply on exchanges, and still relatively little interest from retail buyers.

Google searches for "Bitcoin." Source: Google Trends

Nonetheless, this doesn't rule out the possibility of major pullbacks in the near term, particularly as BTC price appears to exist steaming toward the side by side psychological resistance at $xxx,000.

"Vertical moves frequently end in a swift correction (remember Summer '19)? Those swift corrections are made for the establishment of a sideways range," warned Cointelegraph Markets analyst Michael van de Poppe on Dec. 27. He added:

Don't get chopped out of a correction. The bull marketplace will last for a longer period. Have a longer horizon.