BItcoin Within Striking Distance of $20K as Some Tout $100K Next

Bitcoin's market cap, often used to gauge demand, has jumped to $356 billion, up from $329 billion last week. The urgency to protect investments against inflation and weakening currencies in the wake of ultra-loose monetary policy and the yield on offer from the popular crypto have been the catalysts behind Bitcoin's rally, Sergey Nazarov, co-founder of multi-billion dollar blockchain project Chainlink told the Independent.

Tom Lee, Co-Founder and Managing Partner at Fundstrat Global Advisors, suggested bitcoin was set up up to deliver "fireworks" in 2021 after its halvening event earlier this year. Citi technical analyst Tom Fitzpatrick said in a note last week that bitcoin could surge to $318,000 by the end of next year.

Timeline of Chainlink