Bitcoin price shoots past $16K first time in 3 years

The largest cryptocurrency by market capitalization touched $16,157 briefly at 10:12 UTC, before retracing to the $15K region.

By · Nov 13, 2020 . 5min read

Bitcoin price latest news

Bitcoin has once again shocked those who think its rally fuel burnt out with its recent price shooting above $16K, the first time in 3 years. The last time the industry saw Bitcoin above the $16K region was January 6, 2018.

The largest cryptocurrency by market capitalization touched $16,157 briefly at 10:12 UTC, before retracing to the $15K region. It has since returned to the $16K region. Currently trading at $16,1124 as at press time, Bitcoin market capitalization is at $298.9 billion.

Bitcoin price shoots past $16K first time in 3 years
Source: CoinGecko

Bitcoin has undoubtedly performed well in 2020. A look into its year returns shows Bitcoin price slightly above $16K has gained 123% year-to-date. For this quarter alone, Bitcoin has gained up to 50% seeing that it started off around $8K price region.

Following the history, the Bitcoin price increased post-election in the recently concluded US Presidential Elections 2020. Like most crypto enthusiasts and staunch Bitcoin advocates will say

Not the Democrats or Republicans but Bitcoin won

Bitcoin Price above $16K, huge profits for firms hedging with BTC

The Feds has already stated that it is maintaining the status quo on interest rates coming alongside the next stimulus package. And with inflation expected to rise, institutions holding large cash reserves will most likely seek a hedge refuge. Bitcoin, which is proving to be a relevant store of value, easily comes to mind. This holds true especially with the history of firms that have turned to Bitcoin recently. For instance, Square, a tech giant which recently invested 1% of its asset into Bitcoin, is already in profit by 50%. This is just within two months of making the investment decision.

Also very recently, US billionaire Stanley Druckenmiller just disclosed he holds Bitcoin and touts the digital asset to outperform Gold.

Top analysts are forecasting a consolidation period for Bitcoin but are optimistic about it hitting the $20,000 price region before the end of 2020.

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