In this photo illustration, visual representations of the digital cryptocurrency, Bitcoin are arranged on January 4, 2021 in Katwijk, Netherlands.
Yuriko Nakao | Getty Images
Bitcoin soared on Wednesday to touch a fresh all-time high, as the cryptocurrency continued trading wildly.
The price of bitcoin rallied above $35,000 Tuesday night, hitting an intraday high of $35,821, according to data from Coin Metrics. It pared gains slightly Wednesday morning, trading 2% higher at around $34,625.
Bitcoin’s latest all-time high comes just days after it slumped more than 10% to $29,316. That followed a more than 300% jump in 2020 to levels above $29,000.
On Monday, JPMorgan published a note with a bold long-term price target for bitcoin, claiming the cryptocurrency could soar to as high as $146,000 as it competes with gold as an “alternative” currency. The precious metal also saw sizable gains in 2020, with spot gold rising about 25% for the year.
Anthony Scaramucci, founder and co-managing partner of SkyBridge Capital, also told CNBC’s “Capital Connection” on Wednesday that his firm is “quite bullish” on bitcoin’s store of value and sees it “replacing” gold.
Scaramucci, a former White House communications director, added that Democratic control of Congress would be “great” for cryptocurrencies due to expectations of “tremendous” money printing under a federal government controlled by the party.
JPMorgan’s strategists, however, said that bitcoin will need to become substantially less volatile before it can match gold in terms of market value.