Originally published on: November 10, 2024
The recent rally in Bitcoin to $77K has caught the attention of investors worldwide, but unlike stocks, this surge is not triggering fears of overvaluation. According to Bitwise Invest CEO Hunter Horsley, Bitcoin operates on a different principle that sets it apart from traditional stocks.
Horsley explains that when a company’s stock price goes up, investors often become wary of overvaluation and may lose interest. However, with Bitcoin, the story is different. As the price of Bitcoin increases, investors see it as a sign of potential success and increased value, leading to a positive sentiment among traders.
Currently trading at $77,310, Bitcoin has experienced a significant 13.52% increase over the past week. Despite this surge, investors remain confident in the asset’s future performance. With Bitcoin trading well above its previous all-time high of $73,679, many are optimistic about its continued growth.
Renowned entrepreneur Robert Kiyosaki has even expressed his intention to buy more Bitcoin, regardless of the current price. Similarly, 10T Holdings founder Dan Tapiero believes that Bitcoin is still in its early stages and has the potential to reach $100,000 in the near future.
Unlike traditional stocks, Bitcoin’s limited supply means that its price can only increase when demand rises. This unique feature sets Bitcoin apart and eliminates concerns of overvaluation typically associated with stocks. As the market continues to show positive momentum, analysts remain bullish on Bitcoin’s future prospects.
Overall, the recent surge in Bitcoin’s price has not sparked fears of overvaluation among investors. With continued positive sentiment and strong market fundamentals, Bitcoin looks poised for further growth in the coming months. Subscribe to our Crypto Biz newsletter for more insights on the latest trends in blockchain and crypto.
