After nearly three years of waiting, Bitcoin price traded as high as $19,786, breaking the previous record set in December 2017
Bitcoin price hit a record high of $ 19,808 on Monday at 14:54 UTC on the Bitstamp exchange, eclipsing the previous high of $ 19,666 recorded on December 16, 2017. However, at press time, BTC is trading around $ 19,340, up 7% over the past 24 hours.
BTC/USD 4-hour chart | Source: TradingView
$ 19,808 is Bitcoin price new all-time high that the bulls have been patiently waiting for
November 30 was a pivotal day in Bitcoin history as the day it crossed the peak of the major crypto craze in late December 2017, despite many skepticisms. Bitcoin has been in a bullish momentum since the start of October, with the embrace of the cryptocurrency PayPal and positive comments from Wall Street legends fueling the Bitcoin rocket.
In stark contrast to gold in trouble, Bitcoin is in the midst of its eighth consecutive rising week. As of now, Bitcoin has increased by 167%. Since its annual low in March, after falling more than 50% in one day, Bitcoin has risen more than 400%.
Bitcoin’s positive correlation with traditional markets remains a bit strong above 0.4, according to Coin Metrics, in contrast to the notion that Bitcoin’s favor has nothing to do with traditional markets. With frequent exchanges ceasing and new investors questioning the reliability of widely circulated market data, furthermore, the adolescent market still has room to mature.
However, crypto analysts describe the ongoing rally as healthy and ready to continue as institutional and retail money steadily flows into Bitcoin.
During the third quarter, Square reported record bitcoin revenue of $ 1 billion through its CashApp mobile wallet. PayPal, after announcing plans to support bitcoin and other cryptocurrencies in October, quickly removed its service waiting list less than a month later, citing overwhelming demand.
Institutional demand is also surging, in part demonstrated by the record growth in CME Group’s bitcoin futures market. Led by prominent investors like Stanley Druckenmiller, Bill Miller, Paul Tudor Jones, and Rick Rieder of BlackRock, the mainstream financial audience’s thoughts on bitcoin are warming up as they allocate more and more capital to Top digital assets.
However, Bitcoin’s record high comes amid a curious lack of publicity from mainstream audiences and the media. For example, the total volume of Bitcoin-related tweets is much lower than at the end of 2017 and has largely remained unchanged over the past two years. The media mentions are on a clear low as well. Furthermore, search interest for bitcoin is only a fifth lower than Bitcoin’s 2017 high.
Despite tens of thousands of other cryptocurrencies vying for investor interest, bitcoin is leaving most of them behind, with most of the “altcoins” still down. a two-digit percentage from their own record high. Ether is still 58% down from all-time highs, also established at the end of 2017. Litecoin and XRP are down 77% and 82% from their respective highs.
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