The price of bitcoin has shot up to the $19,000 range for the first time since the end of 2017. The currency is well underway to hit its all-time high again within the next few days or weeks.
Bitcoin Continues to Prove Itself
Bitcoin has a had a rough and tumble year in a lot of ways, but for most traders, the currency has proven itself to be a strong, resilient and worthy asset. Portfolios everywhere bearing crypto and bitcoin are likely seeing sharp rises as the currency is now trading for just under the $20,000 mark.
Initially, the currency started the year out at around $7,000, though it wasn’t long – approximately one month – before bitcoin struck five-figure territory and saw itself trading for around $10,000 by the middle of February. However, the following month, the coronavirus pandemic entered the financial markets and began battering our monetary systems with everything it had. It wasn’t long before stocks, gold, and even bitcoin began taking nasty falls.
The currency ultimately dropped below $4,000 for a short period before eventually recovering back to the $5,000 and $6,000 ranges. People were extremely worried that the asset wouldn’t be able to take such abuse, but it was only about two months before the currency managed to recover and shoot back up into the $9,000 range.
From there, many people were convinced that $10K was again right around the corner, largely because bitcoin was scheduled to experience its long-awaited third halving. For the most part, the halving proved to be a rather disappointing and lackluster experience, bringing virtually nothing to the trading table. Bitcoin remained in the $9,000 range for another two months before finally hitting $10,000 again in July.
By August, the currency had hit $12,000, though things didn’t remain bullish throughout September, which for the most part, has never been particularly kind to bitcoin. The asset took a nosedive of around $2,000 and began trading in the $10K range all over again, but by October, things really turned around following news that PayPal would soon begin allowing people to purchase bitcoin and other cryptocurrencies through its platform. From there, the world’s number one digital asset by market cap quickly shot beyond the $13,000 mark.
What’s Next for the World’s Biggest Digital Asset?
Now, in November, people are continuing to see bitcoin exceed expectations and wander deeper into bullish territory. It is now trading for $6,000 more than where it stood just a month ago, and many analysts are convinced things are just going to continue shooting northward.
Several are also convinced that the asset will strike a new all-time high and put its previous record of around $20K per unit to shame. There is even belief that 2021 could be the biggest year for the asset, potentially bringing a six-figure price for the currency.
Author: Nick Marinoff