After reaching a earlier all-time excessive on November 30th, 2020 and December 1st, 2020, bitcoin is now buying and selling properly above $20,000 and has surpassed its earlier peak value.
Bitcoin’s worth has quickly elevated over the previous two months. Based on CoinMarketCap, you possibly can purchase one bitcoin for $11,500 on October sixteenth.
As I’m scripting this publish, you should purchase one bitcoin for $20,775.72 — it represents a 7.27% improve in comparison with yesterday’s value. It’s now priced properly over $20,000 on all main exchanges.
You may keep in mind the bitcoin frenzy from 2017. On the time, Bitcoin almost reached $20,000 and crashed shortly after. As at all times, the truth that bitcoin has been going up doesn’t imply that it’ll go up sooner or later.
This time, the rally appears a bit totally different, as there’s not as a lot hype round bitcoin. As we’re coming into a protracted financial disaster, some institutional buyers are searching for various belongings — and bitcoin is one in every of them. Some individuals might select to carry their crypto belongings for an extended time.
Nonetheless, there are a number of new bitcoin buyers who bought only a fraction of a bitcoin on shopper fintech apps, akin to Sq.’s Money App, Robinhood and Revolut. Let’s see how the market evolves within the coming months.