Bitcoin prices continue to skyrocket even amidst a global pandemic that has strongly hit the market and the stock exchange. While all the major stocks are taking a downward turn, Bitcoin prices are on a massive upward curve. According to recent reports, Bitcoin recently crossed an all-time high of $18,000. Institutional investors are jumping in to secure new purchases of BTC (Bitcoin).
Bitcoin Value Crosses $18,000 Milestone; Soon To Catch Up With December 2017 High
The record value of Bitcoin comes after the December 2017 high in the cryptocurrency market. On Wednesday, November 18, Bitcoin traded at $18,172 toeing the December 2017 record to set a new one. The most interesting thing is that this isn’t the end. As far as reports and analysis go, Bitcoin value is going to rise over the next couple of years at least. This will also lead to Bitcoin being a part of the mainstream trading network attracting institutional investors and individuals who are still to dip their feet into the Bitcoin market.
CoinDesk states that the trading value on Wednesday was about 8.6% higher than the usual high. And this doesn’t come as a surprise. Since the beginning of 2020, Bitcoin has jumped up about 150%. This comes hand-in-hand with the coronavirus pandemic that also began around the same time. Survey reports suggest that the general lack of certainty around the market has led many investors to shift focus to Bitcoins and other cryptocurrencies. The Bitcoin game also got new players like Stanley Druckenmiller and Paul Tudor Jones to up the Bitcoin market.
Crypto-Market Has Changed Since 2017
It is understandable that the confidence in Bitcoin is increasing by the day as Bitcoin value races towards the record value of $19,783 that was posted in the last month of 2017. The surge of 2017 resulted in a peak-formation, after which Bitcoin prices gradually dropped. It plummeted to a low of $3,122 in 2018.
But crypto-analysts are of the opinion that this time it’s not the same. Cryptocurrency has caught the attention of big guys like PayPal, Square and Fidelity Investments. PayPal recently introduced new trading features that allow customers to hold, buy or sell cryptocurrencies using PayPal. It has also committed to make necessary changes in the app to allow shopping using cryptocurrencies like Bitcoin, Ethereum, Bitcoin cash, Litecoin and so on.
Bitcoin’s market caps at $337.2 billion at the moment. This has already crossed the December 2017 record of $331.8 billion, according to data from CoinMarketCap.
Market analyst Adam Vettese explains the disparity between Bitcoin worth and Bitcoin’s market cap by saying that there is a slight gap because there are presently more Bitcoins in the market than there were before. There has been an approximate of 10.75% increase in the supply of Bitcoins in the market, adds Vettese.