On Monday, November 30, 2020, Bitcoin (BTC) reached its highest historical level (ATH) in terms of its price.
According to Coingecko.com, BTC reached $19,686 today, surpassing its previous ATH of $19,665 USD, reached on December 16, 2017.
At the time of writing, the BTC is trading at 19,579 USD and is up 8% in one day and 6% in one week.
Mati Greenspan, who is the head of Quantum Economics, also observed the nuances in the record price of Bitcoin, he said it was “different depending on the chart you look at”. He suggested a range of $19,666 to $20,155, with Bitstamp at the low end and eToro at the high end.
“Bitcoin’s ascent today to a new historic high of $19,844 will be captivating,” said Paolo Ardoino, Chief Technology Officer of the Bitfinex Exchange, in an e-mail commentary. “Even more significant are the fundamentals driving this rally, including the growing presence of institutional investors. Bitcoin is still in its infancy and even relatively small allocations in the asset class from investment funds can have a seismic impact”.
“We continue to see increased interest from institutional investors,” PwC’s Henri Arslanian told Bloomberg. He added that institutional investors can now access digital assets through multiple players that are regulated.
“Bitcoin has its best chance of making progress in the current environment because the Chinese are not as fearful as they were in the past,” Louis Curran of ST Capital told Bloomberg.
“With companies such as MicroStrategy, Square and PayPal coming on board to invest in Bitcoin, it is not at all unlikely that the BTC will reach $50,000 by the end of the year. It will be a record, not because of the frenzy, but because of the large forward-thinking financial and technology institutions,” said Antoni Trenchev, managing partner of Nexo, who predicted in March that the BTC could reach $50,000 by the end of 2020 in an e-mail commentary.
Wherever Bitcoin goes next, no one knows. But this is an incredible achievement and it might only be the beginning of an ever more impressive bull run.