After reaching a previous all-time high on November 30th, 2020 and December 1st, 2020, bitcoin is now trading well above $20,000 and has surpassed its previous peak price.
Bitcoin’s value has rapidly increased over the past two months. According to CoinMarketCap, you could buy one bitcoin for $11,500 on October 16th.
As I’m writing this post, you can buy one bitcoin for $20,775.72 — it represents a 7.27% increase compared to yesterday’s price. It is now priced well over $20,000 on all major exchanges.
You might remember the bitcoin frenzy from 2017. At the time, Bitcoin nearly reached $20,000 and crashed shortly after. As always, the fact that bitcoin has been going up doesn’t mean that it’ll go up in the future.
This time, the rally seems a bit different as there’s not as much hype around bitcoin. As we’re entering a long economic crisis, some institutional investors are looking for alternative assets — and bitcoin is one of them. Some people could choose to hold their crypto assets for a longer time.
Still, there are a lot of new bitcoin investors who purchased just a fraction of a bitcoin on consumer fintech apps, such as Square’s Cash App, Robinhood and Revolut. Let’s see how the market evolves in the coming months.
Image Credits: CoinMarketCap
