Market Analysis

‘Rat poison squared’ Bitcoin passes Warren Buffett’s Berkshire Hathaway by market cap

Bitcoin (BTC) has posted its highest transaction volume since early 2018 as data points to more and more investors entering the market.

Figures from on-chain analytics resource Digital Assets Data highlights December 2020 as already sparking Bitcoin’s second-largest transaction volumes.

BTC transaction volume eyes record

At a total of $252.37 billion for the remaining 24 hours of December may yet take the tally further still as it rivals December 2017.

Bitcoin transaction volume 1-month chart. Source: Digital Assets Data

Other indicators, such as the size of unprocessed transactions in Bitcoin’s mempool and network transaction fees, also suggest heightened activity overall.

As Cointelegraph additionally reported, wallets containing both large and small balances also continue to increase to unprecedented levels.

Google Trends, meanwhile, has captured the highest levels of search interest in the term “Bitcoin” worldwide since February 2018.

Google search interest in “Bitcoin.” Source: Google Trends

The reason, one which is attracting attention from mainstream sources as well as seasoned crypto traders, lies in the price bull run that is continuing unabated this week. At press time, Bitcoin was challenging $29,300 amid a stubborn refusal to consolidate lower.

At $539 billion, the largest cryptocurrency surpassed the market cap yesterday of finance giant Berkshire Hathaway, the CEO of which, Warren Buffett, famously likened Bitcoin to “rat poison squared.”