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After nearly three years of patiently waiting, investors in the world’s largest cryptocurrency hit a record high on Monday after the price soared to more than $19,800, exceeding the record high set in December 2017.
Bitcoin rises to record highs
November 30 will be forever etched in the memory of Bitcoin investors as the price of Bitcoin soared to the high point of the famous cryptocurrency frenzy in late December 2017. According to data from the Bitstamp exchange, the price of Bitcoin hit a high of $19,844 and then fell back to $19,379.55 at the time of writing.
It is worth noting that in the face of the skepticism of critics like Peter Schiff, this cryptocurrency has successfully taken off, despite their constant comparison of Bitcoin to the fringe of a bubble.
Since PayPal announced its entry into the cryptocurrency market in October, Bitcoin has been in a steady upward trend. The further investment and recognition of many technology companies and traditional financial institutions have added momentum to the Bitcoin spacecraft.
Bitcoin fell slightly last week, but has since returned to bullishness. As mentioned earlier, the cryptocurrency has a long history.
After Bitcoin created a new high price, Pierre Rochard, a strategist at Kraken Exchange, said on Twitter that he suggested selling other assets to buy more Bitcoin.
As we all know, long-term investors have gone through a severe bear market cycle. Despite going higher, the few investors who remain resilient are holding parties because Bitcoin has soared 175% this year alone.
As usual, Peter Schiff, the permanent holder of Bitcoin, was in high spirits, indicating that the rumors aside, the Bitcoin price rebounded to the new ATH.
Is it possible to exceed $20,000?
As Bitcoin breaks its previous record high, the cryptocurrency community is speculating about what might happen to the cryptocurrency next.
Cryptocurrency analyst Josh Rager, who is also the co-founder of Blockroots, pointed out that Bitcoin’s drop to a low of $16,000 on November 25 is an “epic trap.” Get rid of the shackles of weakness before rising to $20,000.
According to reports, Bitcoin’s recent rise has been driven by the appetite of institutional investors. Interestingly, the number of bitcoins purchased by Grayscale Investments and PayPal exceeded the miners’ daily output.
According to Grayscale’s managing director Michael Sonnenshein, based on the huge inflow of the fund, the price of Bitcoin is “just beginning.”
At the same time, Cameroon Winklevoss believes that Bitcoin is an emerging value store tool that can withstand inflation and may replace gold. This means that its value may rise 25 times from $19,000. In the next decade, no other liquid asset in the universe can reliably provide this level of asymmetric returns.
However, not everyone is optimistic about Bitcoin’s next move. John Bollinger, the creator of the popular Bollinger Bands, warned against “traditional highs.” He said, “Okay, it’s time to pay attention to the price of Bitcoin. This is another high, but it has not been confirmed. The trend is easily destroyed, but wise traders should polish their glasses.”
When a netizen asked if this was the recent highest price or the price of Bitcoin would plummet from here, he replied: “Currently, this is the potential highest price recently.”