The Market Is Taking Action Again As Bitcoin Rises Above $ 17,000
On Nov 17, 2020
Bitcoin, which has been rising steadily for weeks, finally managed to break the 17000 levels. With bitcoin rising above $ 17000, the market took action again.
Bitcoin continues its strong upward movement. The largest cryptocurrency by market capitalization began a strong rise after breaking the $ 16,500 resistance against the US dollar. Then, bitcoin continued its rise that it started yesterday and managed to break the $ 17,000 level. Although BTC climbed to $ 17,073 after surpassing $ 17,000, it then experienced a slight decline. According to CoinMarketCap, at the time of writing, BTC is trading around $17,332. Its value has risen above 5.64% in the past 24 hours.
BTC is gaining momentum and has finally managed to break the $ 17,000 resistance level against the US Dollar. Even at the time of writing, the leading crypto continues to rise. It is never late to buy Bitcoin. When Bitcoin climbed over $12000, people thought that it was the end of a bullish move. However, Bitcoin did not give up, and with the significant demand from the crowd, it gained value every day. It was the first time that Bitcoin reached $17000 in 3 years. The last time Bitcoin was that valuable in early January 2018. That means Bitcoin now only $3,000 away from its all-time high.
Reasons Behind Recent Price Increases
The number one cryptocurrency, according to market capitalization, seems to have had the successful year 2020. Recently, several public companies and investors have taken action stating that they support Bitcoins. Just a last week, billionaire investor Stanley Druckenmiller said that he expected Bitcoin to outperform gold in the long term and announced that he was investing in Bitcoin. Besides investors, the Bitcoin halving in May was also a crucial factor in the recent price increase.
With Bitcoin Rising Above $ 17k, the Market Took Action Again
Altcoins also show positive signs. With Bitcoin rising above $ 17000, the cryptocurrency market took action again. Behind BTC is Ethereum, which has gained 7.1% during the last week. According to CoinMarketCap, Ether (ETH) is currently trading for $473 per unit. ETH is followed by Tether (USDT) and XRP, which is up 6.21% today.
The fifth-largest market cap is held by Chainlink, and its price has gained 0.04% within 24 hours.
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