Bitcoin Price Surges Above $19,700, Sets New All-Time High
Bitcoin has today set a new all-time high with the leading cryptocurrency trading as high as $19,800 in the past few hours. This milestone broke the previous all-time high of $19,666 recorded on the Bitstamp exchange on Dec 16 2017.
Huge Milestone for Bitcoin
Creating a new all-time high represents a major milestone for Bitcoin in what has been a remarkable year for the leading coin. Bitcoin has been able to brave major economic crisis like the Covid-19 pandemic and has embarked on an extended bullish run since its yearly low in March.
Bitcoin has gained over 150% in value in the past eight months in a bullish run that has surprised many within the crypto community. The leading coin has removed itself from traditional economic speculation and has carved its own trend in recent months.
Bitcoin was able to recover over the weekend after suffering a flash crash on Thursday that resulted in the coin going below $17,000. Bitcoin was able to make steady gains on Saturday and Sunday leading to the coin entering the new week with high expectations from the crypto community.
Hitting the all-time high is only the beginning according to key stakeholders who believe that we are in the middle of a bullish run. At the time of writing, Bitcoin has corrected and is valued at $19,300.
Institutional Demand Increased In 2020
The recent bullish run has also been buoyed by increasing adoption from institutions and traditional financial entities. Grayscale investment funds have more than $10 billion worth of cryptocurrency with a large proportion held in Bitcoin. MicroStrategy also made the news for two huge investments in Bitcoin totally around $500 million. PayPal also joined the train by announcing plans to support Bitcoin and other cryptocurrencies in October.
Apart from institutions, the Bitcoin retail industry experienced massive growth which is evident in the total number of active Bitcoin addresses hitting all-time highs. Bitcoin market cap also recorded record levels in recent days. With more financial institutions set to invest in the leading coin, there are predictions that its price would only continue to rise in the coming months.
As expected, news of Bitcoin hitting its all-time high has been greeted with excitement by the crypto community. The next major resistance for Bitcoin is $20,000 mark which would mark the next phase of the bullish run.