Bitcoin Strikes $16,000; Highest It's Been in Three Years

Bitcoin Strikes $16,000; Highest It's Been in Three Years

November 14, 2020

The bitcoin price is still on the rise. The world’s number one cryptocurrency by market cap has just hit the $16,000 mark for the first time since January of 2018. It is now less than $4,000 away from its all-time high, which it attained in December of 2017.

Bitcoin Strikes Its Largest Territory in Years

The year has been very up and down for the currency, and yet for the most part, the asset has seen one of its strongest periods. It was back in March when the asset first fell from around $10,000 to just under the $4,000 line. This was when the coronavirus pandemic first began battering our global financial markets. From there, not only did stocks and gold take some nasty hits as well, but bitcoin took approximately two months to recover before finally jumping back into the $9,000 range in May.

Two months after that, the currency had experienced its third halving and it had jumped back into five-figure territory, where it stayed for another month before it finally began jumping into the $11,000 and $12,000 ranges. However, bitcoin found itself struggling in September, which is typically bearish for the world’s primary digital asset.

It was during this time that bitcoin fell into the low $10,000 range and remained there for about a month. This was a rocky period, yet still yielded positive results in many ways given that the currency never fell below $10,000 during that time, a new milestone for the currency. It was in October when the currency would surge past $11,000 again and eventually hit $13,000, a number bitcoin hadn’t struck in quite some time. This would occur following news that PayPal would allow customers to purchase digital currencies through its platform.

Now, we are in the middle of November, and things are looking better than ever. At this time, bitcoin is well underway to hit – or possibly even surpass – its all-time high and reach a number that no analyst or industry expert could have ever predicted.

Things Are Moving Up Quickly

Ever since PayPal’s announcement, figures like Mike Novogratz – a billionaire and former hedge fund manager who’s no stranger to praising bitcoin – have stated that many banks are now going to be rushing into the crypto spectrum looking to offer their services to clients. In a recent tweet, he claimed:

All banks will now be on a race to service crypto. We have crossed the Rubicon, people.

Other figures have claimed that the number of governments around the world looking to issue further stimulus funds to individuals may be paving the way for bitcoin’s meteoric rise. They say that with excessive money printing going on in recent months, many people are viewing bitcoin as a strong financial alternative and are looking to get their fingers on it even more.

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