Bitcoin, the leading cryptocurrency in terms of market capitalization, has breached the ?14,720 level to set new highs. BTC surged past its previous all-time high yesterday. The coin registered significant gains that saw it rise from ?12,296.5 at the time of opening trading to set a new high at ?16,796.4. However, the coin made a slight downward correction to close trading at ?15,688.5.
BTC managed to sustain yesterday’s bullish momentum. At the time of writing, the coin is changing hands at ?17,601. This growth represents a 21.4% gain over the last 24 hours and a 24% change over the past seven days. However, the coin’s price is experiencing massive fluctuation between the ?17,601 and the ?16,943 level. Currently, BTC has a market cap of ?312,699,561,216 and a daily volume of ?44,241,135,474.
After this massive growth, multiple crypto proponents came forward to share the news.
Cameron Winklevoss, Gemini Exchange’s co-founder, tweeted,
“Today, #Bitcoin got the monkey off its back. It took three long, hard-fought years, but the $20K glass ceiling has been shattered. A turning point for our movement. With the wind at our backs, we continue our work to build a future w/ greater choice, independence, and opportunity.”
Today, #Bitcoin got the monkey off its back. It took three long, hard-fought years, but the $20K glass ceiling has been shattered. A turning point for our movement. With the wind at our backs, we continue our work to build a future w/ greater choice, independence, and opportunity
— Cameron Winklevoss (@cameron) December 17, 2020
Danny Scott, the CEO of UK-based crypto exchange CoinCorner, also shared his joy after BTC breached its 2017 all-time through a tweetstorm, which contains updates of BTC’s price action until it hit ?16,943. In one of his tweets, Scott also encouraged his followers to get rid of gold and buy BTC instead.
Commenting on this growth, Nigel Green, the CEO of deVere Group, a renowned independent financial advisory and FinTech organization, said,
“We’ve been saying for a few months now that Bitcoin is likely to surpass its previous all-time high before the end of this year – and it now has. Since the cryptocurrency’s March lows of $3,600, it is up 440%, making it one of the best-performing assets of the year. Many investors and crypto advocates will be extremely glad that they kept their Bitcoin and didn’t sell.”
Reasons behind the rally
According to Green, this surge is more sustainable than the 2017 one, which was fueled by speculation. This is because it is powered by the flow of institutional investors, who are increasingly dipping their toes in BTC and other cryptocurrencies. Green believes that the good returns and the vast potential of digital assets lured mainstream firms into the crypto space.
Green added that Bitcoin’s ability to hedge against long-term inflation has helped attract more consumer interest. He pointed out that the introduction of stimulus packages by governments across the globe will significantly reduce the value of fiat currencies, making the inflation threat imminent.
He further cited that the inherent characteristics of Bitcoin have played a significant role in the coin’s price growth. Per Green traits such as being borderless and digital make BTC and other cryptocurrencies suitable for global use. Apart from this, Green believes demographics have favoured BTC’s growth, in that more young people are likely to adopt BTC compared to older generations.
Green concluded that,
“After a year of historic highs and lows in financial markets, it will, after all, be a Merry Christmas for Bitcoin holders. And, in the current environment, it looks like 2021 could be another momentous year for them too.”
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