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Bitcoin Price Breaks All-Time Highs - Here's Why It Happened

BurnsE
18 0
Bitcoin has broken its all-time highest price of $ 19,783, surpassing its previous record set during the 2017 bull run. Since then, the cryptocurrency has dropped a bit to $ 19,600 but is incredibly volatile and the price is changing by the hundreds dollars in minutes.

While the price of Bitcoin has risen more than 170% since the beginning of 2020, this bull run really began in earnest in August, when a series of high-profile investments in Bitcoin, driven by business intelligence firm MicroStrategy, helped drive cryptocurrency to record heights. .

"Generally speaking, institutional positions and high net worth individuals are leading the way this time around and the Bitcoin they buy is much more likely to hold out for the long term rather than find its way back to the exchange." Jason Deane, Bitcoin analyst in Quantum Economics, Decrypt said.

The figures support this theory. Since MicroStrategy started investing in Bitcoin, several key indicators have risen, and not just its price.

The price of Bitcoin apparently took notice of this praise. On November 9, Bitcoin opened the day at $ 15,479. Just four days later, the $ 16,000 barrier was broken when Bitcoin surged to $ 16,463.

What the success of Bitcoin means for the rest of the cryptocurrencies

Historically, when the price of Bitcoin has risen, so has the market for altcoins.

In 2017, when Bitcoin last flirted with heights approaching $ 20,000 between December 2017 and January 2018, several crypto competitors conducted their own runs.

Two notable cryptocurrencies in this regard are Ethereum and XRP, which both surged during Bitcoin's bull run in 2017.

Ethereum rose from $ 440 on December 1, 2017 to $ 1,347 on January 13, 2018. Similarly, XRP soared from $ 0.25 on December 4, 2017 to $ 3.75 on January 4, 2020.

So far, both Ethereum and XRP have also been dragged down by Bitcoin's current bull run. This time Ethereum hit the $ 600 mark for the first time in more than two years. Furthermore, its price continues to rise, having seen a 25% increase in the last seven days.

Additionally, XRP has seen a surge of its own this time around as well, going from roughly $ 0.60 to just under $ 1 on Nov 24, 2020.

Now that Bitcoin is in uncharted territory, there is really no telling what's to come, for it and the rest of the market.
BurnsE (L4) posted Nov 30, 2020
181 views
1 Comment
prince16pream

I love the bitcoin, but only use it as exchange currency, I never hold this over a day, mostly within hours I exchange, not a good advise to buy this right now, it is almost in its peek price, it can go back to its old bear rally almost in no time, that's the nature of this currency ;)

prince16pream (L3) posted Nov 30, 2020

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