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 worth.
Bitcoin’s worth has quickly elevated over the previous two months. In keeping with CoinMarketCap, you possibly can purchase one bitcoin for $11,500 on October sixteenth.
As I’m penning this put up, you should purchase one bitcoin for $20,775.72 — it represents a 7.27% improve in comparison with yesterday’s worth. It’s now priced properly over $20,000 on all main exchanges.
You would possibly keep in mind the bitcoin frenzy from 2017. On the time, Bitcoin almost reached $20,000 and crashed shortly after. As all the time, 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 completely different, as there’s not as a lot hype round bitcoin. As we’re getting into an extended financial disaster, some institutional buyers are on the lookout for various belongings — and bitcoin is certainly one of them. Some individuals may select to carry their crypto belongings for an extended time.
Nonetheless, there are numerous new bitcoin buyers who bought only a fraction of a bitcoin on client fintech apps, akin to Sq.’s Money App, Robinhood and Revolut. Let’s see how the market evolves within the coming months.
Picture Credit: CoinMarketCap
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