By Hidayat Sultanli
On Nov 05, 2020
Bitcoin, which has steadily gained value over the last few months, continues its upward trend. The leading crypto managed to exceed $ 14,500, on October 5th. The bull market rally continues to raise the price.
The world’s leading cryptocurrency Bitcoin (BTC) has set record after record in recent days. Today Bitcoin price surpassed the $ 14,500 level. With this development, it reached its highest prices since January 2018. At the time of writing, the price is blinking at $ 15,000.
Despite all the uncertainty regarding the US Presidential Election, Bitcoin is currently trading at the highest price in almost three years. In addition to the US elections, the future of the global pandemic or more investor interest may have caused the price to rise in this way. The cryptocurrency has gained a 12.18% increase in 7 days. According to CoinMarketCap data, the leading crypto reached the highest figure of $ 14,958 during the day. Now the most crucial question is about when this uptrend will stop or how far Bitcoin can go.
The leading cryptocurrency has managed to retain its value even against recent negative news. This includes events such as the suspension of OKEx’s withdrawals and the hacking of the crypto exchange Kucoin. For this reason, many analysts believe that Bitcoin is in a bull market. According to Mike Novogratz, CEO of Galaxy Digital and a former Goldman Sachs partner, Bitcoin is “at the start of a very big bull market.”
Mike Novogratz is not the only person to say that Bitcoin is in the bull market. Tyler Winklevoss, the co-founder of Gemini, made important statements about Bitcoin’s potential recently. Gemini’s crypto exchange co-founder stated that Bitcoin is growing and gaining value.
The entire cryptocurrency market is expanding at very high speeds right now, and this is seen after Bitcoin’s halving event. Now, traders and investors expect Bitcoin to surpass $ 20,000 and reach all-time highs. According to analysts, 2021 could be a very positive year for Bitcoin, and we can see new record prices for the biggest cryptocurrency.
At the time of writing, Bitcoin (BTC) is trading at $ 14,945, an increase of 8.37 %. The leading cryptocurrency currently has a market capitalization of $ 277 billion.
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Disclaimer: All information provided in the content is for informational purposes only and should not perceive as an investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.
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