Bitcoin price reached a new record high - over $19,800
02.12.2020

Bitcoin price reached a new record high – over $19,800

By bit.team

Bitcoin again managed to overcome the mark of 19 thousand dollars. This time it even broke a 2017 record high, trading above $19,800 late Monday night.

Bitcoin Rally Continues

Bitcoin managed to overcome its old record high reached in 2017. The digital asset has overcome 19,780$ on some exchanges and even reached 19,844$ when it approached the critical level of 20 K last night. The cost of BTC at the moment is still optimistic, although it has declined slightly, trading on CoinMarketCap around $19,470 at the time of writing. It is now up 6.88% in the past 24 hours.

Although on coin exchanges and price indices for Bitcoin it grew by only about 6%, the increase is significant because since Friday the price has increased by at least $2,000 due to the continuous volatility of the cryptocurrency. According to charts by The Guardian, Bitcoin managed to climb about 170% in just a year.

This time, price increases are supported by institutional investors such as Square, MicroStrategy, Stone Ridge Asset Management and Grayscale investing large sums in Bitcoins. Thanks to institutional investors, approaching $20k is not seen as a fluke. Paolo Ardoino, CTO of Bitfinex, shared his opinion:

“Today’s rise of Bitcoin to a new historic high of $19,844 will be exciting. However, much more important are the fundamentals giving fuel to this rally, particularly the growing presence of institutional investors” presence.

He added that any investment in Bitcoin would still have an effect as BTC was a promising asset. Ardoino said:

“Bitcoin is still in its formative stages, and even relatively small allocations to the asset class from investment funds can have a seismic impact”.

Altcoins follow Bitcoin’s upward trend

With the rise of the price of Bitcoin, his example was followed by altcoins. Ethereum is currently trading on CoinMarketCap at $605.46, up 3% over the past 24 hours. Ethereum could get an even bigger boost with the release of Ethereum 2.0, set for midnight today by Worldwide Coordinated Time. Ripple’s XRP token was also upbeat, up 4% in the past 24 hours. Edward Moya, senior market analyst at currency firm Oanda, shared with The Guardian:

“Bitcoin and all major altcoins are growing strongly, and it seems that the dynamics of trading are intensifying as the media embraces cryptocurrency.”

Winklevoss: Bitcoin is the best asset

Many Bitcoin bulls welcomed the growth of the crypto asset, and Gemini co-founders Tyler and Cameron Winklevoss were not left out. Previously, Tyler Winklevoss claimed Bitcoin would reach $500,000. Now the bitcoin billionaire wrote on Twitter:

“Money is rubbish. When Bitcoin hits 500,000, Cameron and I will again wear these penguin suits”. He probably meant tuxedos.

Winklevoss, like no other, has argued over and over again that Bitcoin is a means of saving. Since the maximum stock of cryptocurrency is 21 million, its deficit is sure to play a role in its increase in the long term. In addition, Gemini’s co-founder has previously said that “Bitok is ultimately the only long-term protection against inflation.”

Tyler Winklevoss argued that compared to gold, oil and other assets, Bitcoin is unlike any other, and that he’s been here for a long time. The 20K level approach may only be the first step toward achieving more serious goals, such as rallying towards $500,000.