Victor Ugochukwu · Dec 14, 2020 . 5min read
Bitcoin Price shoots past $18K gaining close to 10%, bulls predicting to surpass 2017 ATH
According to Coinmarketcap, Bitcoin is currently trading at $18,172 with $337 billion in market capitalization.
By Victor Ugochukwu · Nov 18, 2020 . 5min read
The king of cryptocurrencies Bitcoin like the December 2017 bull run is skipping price levels in hours and has just crossed past the $18K mark recently.
According to Coinmarketcap, Bitcoin is currently trading at $18,172 with a $337 billion in market capitalization. This is currently around a 10% price increase in Bitcoin within the last 24 hours. More importantly, Bitcoin’s market cap has attained a new all-time high altogether.
It was only just hours back that Bitcoin’s market capitalization hit $330 billion which set a new record from the $393.2 billion of December 17, 2017, when Bitcoin touched its highest price ever at $19,666.
And within just a few hours Bitcoin has added roughly $7 billion in its market capitalization pushing the whole cryptocurrency market cap to $506.8 billion.
The calls for Bitcoin price above $20K before the end of December seems more likely than doubtful. Experts within the industry have been calling for Bitcoin prices above $20K and projecting huge prices. Even CitiBank’s MD recently called $318,000 per BTC by December 2021. It comes as a surprise, especially because CitiBank is the 4th largest American Bank with millions of customers.
Institutional investors fuelling Bitcoin’s price rally today
Unlike the 2017 Bitcoin price bull run where largely retail traders instigated the fast pace of Bitcoin price within days to its all-time high, what we see today is different. Large institutional funds have been the driver of Bitcoin’s price uptick in the last months of 2020.
MicroStrategy which made it public it acquired 38,250 BTC Bitcoin worth $425 million then now has its holdings worth over $679 million today. All of the funds that got into BTC this year are in profit already.
They alert of a possible retracement as we see with Bitcoin flash dumping just moments back. Price crashed back to $17,500 region after touching $18K.
Currently, Bitcoin is trading at $17,754 with the total cryptocurrency market capitalization now at $494.4 billion. The market has lost $12 billion in just a twinkle of an eye from this price move.
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