Bitcoin bulls take the market by storm as BTC price surges over 9% and now is getting closer its all-time high. Bitcoin has attained these levels for the first time in approximately the last three years.
There was a massive breakout in Bitcoin (BTC) price on Tuesday, November 17, as the world’s largest cryptocurrency added $1000 to its price. Bitcoin (BTC) hits a new 2020-high above $17,750 levels as it inches closer to its all-time high of $20,000. At press time, BTC is trading higher. The coin has added almost 9% in 24 hours and now has a price of $18,113 with a market cap of $335.9 billion. While Bitcoin (BTC) is up, it’s also worth mentioning that Ethereum is also in the green.
On the weekly charts, BTC price has surged over 17% while it has gained around 40% over the last month. Also, for the month of November 2020, Bitcoin has outperformed all other top-ten cryptocurrencies. Furthermore, it continues to extend its dominance which is now at 67.42% of the overall cryptocurrency market.
As the FOMO triggers, analysts say that this time the BTC rally is fundamentally-backed in comparison to December 2017. A large number of hedge funds, institutional players, and veteran investors from Wall Street are participating. Over the last few months, we have seen big public listed companies like MicroStrategy and Square Inc pouring millions of dollars in BTC.
The Federal Reserve continues to pump more money into the financial ecosystem with an uncertain COVID-19 scenario. Analysts say that inflation is round the corner which is making things even more favorable for Bitcoin. Even some of the richest people in the world are increasing their Bitcoin (BTC) exposure as a potential hedge.
“Bitcoin protects the citizen from government expropriation.”
One of the top 5 richest and most powerful people in Mexico just publicly stated he has 10% of his portfolio in Bitcoin.
What a way to close the day. https://t.co/heUvaBuD9I
— Pomp 🌪 (@APompliano) November 18, 2020
Speaking to CoinDesk, Guy Hirsch, U.S. managing director for multi-asset brokerage eToro said:
“Bitcoin has gone parabolic, with traders piling in from all sides – retail, institutional, Main Street and Wall Street. FOMO is back and it feels like 2017 again, only this time the market is backed by real fundamentals rather than the [initial coin offering] mania of three years ago.”
Ethereum (ETH) Joins Bitcoin (BTC) in Its Recent Rally
While Bitcoin (BTC) grabs the investors’ attention because of its sheer market, Ethereum (ETH) remains the outperformed in 2020. The ETH price has surged over 250% year-to-date against BTC’s 150% gains.
Ethereum continues with its market rally this year eyeing an immediate target of $500. At press time, ETH is trading at a price of $482 with a market cap of $54 billion. Currently, Ethereum is preparing itself for the launch of ETH 2.0 Beacon Chain on December 1. Many market analysts are saying that Ethereum is all set for a break-out. In a word with CoinDesk, Brian Mosoff, chief executive officer of investment firm Ether Capital said:
“I believe both bitcoin and ether will perform well in the upcoming months and years. Ethereum’s programmable flexibility is technically an order of magnitude improvement over [the Bitcoin blockchain] and has by far the largest and most diverse group of developers.”
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
