Ever since Bitcoin surged past the $50,000 mark, many in the crypto ecosystem have been optimistic about the future price of the asset. As predicted by most bulls, the price of Bitcoin breached $52,000 across major exchanges and was trading at $52,511.72 with a 24-hour trading volume of $68,135,845,464.
At press time, the digital currency has been up by 1.1% in the past hour and 8.1% in the daily time frame.
Mainstream financial institutions are keenly tracking Bitcoin’s performance and show no signs of stopping as more companies seem to voice their interests in the asset.
However, strategists at JP Morgan said that the current price of Bitcoin will be “unsustainable,” unless the volatility of the asset’s price “subsides quickly” from this level. The analysts believed that, in order to sustain Bitcoin’s current prices, the asset would need an increase in real money flows.
According to data from CoinMarketCap, the market cap of Bitcoin is estimated at $969.27 billion, which makes the digital currency the eighth largest asset by market capitalization in the world.