Bitcoin price soars above $19,000 for the first time in three years, are we approaching a new all-time high?

Just after Bitcoin broke the $17k and $18k price region within the same week, Bitcoin price shot above the new level and currently trades at $19,097 as at press time.

By · Nov 25, 2020 . 5min read

Bitcoin price soars above $19,000 latest news

The king of cryptocurrencies Bitcoin once again today did its power moves as it crossed the $19,000 price region for the first time since December 2017.

Just after Bitcoin broke the $17k and $18k price region within the same week, Bitcoin price shot above the new level and currently trading at $19,097 as at press time. Data from CoinGecko shows Bitcoin has gained about 2.5% within 24 hours with a staggering $40.5 billion volume at the same time. With a $354 billion market cap, Bitcoin maintains its dominance in the cryptocurrency market at about 62%.

Bitcoin Price soars above $19,000 for the first in three years, are we approaching a new all-time high?
24-hour Bitcoin Price chart from CoinGecko

Bitcoin Price propelled by some factors.

Clearly, since the uptrend took on enough energy, some factors have been largely responsible for the sustained price increase of Bitcoin.

Firstly, it’s a no-brainer that large players are now very much involved in Bitcoin and this time for real. Retail on-ramp platforms like Square’s Cash App already sells more than time two of mined Bitcoins within a quarter. PayPal has joined the game and had its CEO state that it will open Bitcoin sales features to all its 305 million customers globally by next year. The supply squeeze is apparent and clearly driving Bitcoin price, possibly to a new all-time high.

Another interesting point to note is Whale accumulation presently ongoing. Very noticeable is the whale clusters that form around successive price points as BTC ascends. As can be seen from the whale map, these cluster prices emerge when whale buys and hold BTC. And as the chart below shows, BTC support levels after a brief dip period was because of whale accumulation.

Source: Whale Map

And just a few days back, Santiment Data pulled up a fine chart that shows the growing level of Bitcoin Whales in 2020.

The amount of #Bitcoin whales with at least 10,000 coins (currently ~ 191$M or more) has ballooned to 114 the past couple days as prices soared above $18k. Additionally, the amount of holders with at least 1,000 $BTC ($19.1M) has hit an ATH of 2,449!

Summarily, 2020 Bitcoin Price movement especially in the last quarter is far different from what we saw in 2017. Hence, we might just be on the brink of seeing a new all-time high for the king crypto.

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