Bitcoin Reaches New All-Time High At $22,000December 17, 2020
Bitcoin (BTC) has reached a new all-time high a few hours ago. The entire cryptocurrency industry is very excited about the recent price movement experienced by BTC. In just 24 hours, the largest cryptocurrency grew by $3,000. This is the first time that Bitcoin is above $20,000.
Bitcoin New All-Time High
After several years of waiting, Bitcoin was able to surpass $20,000 and continue moving higher. The largest cryptocurrency was able to break all the resistance levels and reach $22,360 in some exchanges. Now, Bitcoin’s market valuation is above $411 billion. The entire cryptocurrency market has a market capitalization of $632 billion at the time of writing.
Furthermore, the entire cryptocurrency market followed the Bitcoin move. Ethereum (ETH), Litecoin (LTC) and XRP are registering large gains as well. However, altcoins are far from their all-time highs. Some of them might even have to grow more than 100% in order to surpass their previous record.
This shows that BTC is now the leader in the market. In recent months, there have been several large companies and investors that placed their funds in BTC. For example, MassMutual, MicroStrategy, Square and many other firms invested millions of dollars in BTC.
UseTheBitcoin reported a few days ago that the Asset Manager Ruffler announced 2.5% allocation in BTC. The firm informed they reduced their gold position to get BTC exposure. After this decision, BTC surged above $20,000.
On the matter, Ruffler commented:
“The exposure to Bitcoin is currently equivalent to around 2.5% of the portfolio. We see this as a small but potent insurance policy against the continuing devaluation of the world’s major currencies.”
Even if BTC continues moving higher, it may be possible for it to retrace after these massive gains. This is why it is always recommended to take some profits. Nevertheless, this is not investment advice.
Some analysts consider that Bitcoin is following the stock-to-flow model. The cryptocurrency analyst PlanB has also shared a chart showing BTC has reached new all-time highs in terms of Gold ounces. Each BTC is now worth almost 12 gold ounces at a price of $22,360.
It is just a matter of time to see how far BTC can go. Moreover, new companies could continue placing their funds in the market and pushing the price even higher. Experts believe that BTC could even get closer to $100,000 in the near future.
Source: Read Full Article