Bitcoin Has Only Traded Above the 2020 High for Just Over 30 Hours, In Its Entire History
Bitcoin is aiming for a new all-time high this weekend.
On Friday, the digital asset went as high as $18,980, making a new 2020 high. Now, we are less than 7.5% away from $20k as we currently trade around $18,680.
Interestingly, there have been only 31 hours that BTC traded above $18,900 in its entire history, at the peak of the 2017 bull run, of course, and at $19k for a mere 24 hours. Also, at that time, BTC has been above $19,800 for less than an hour.
“There is little to suggest this rally has run out of steam, and all signs point to a run at the all-time high in the near future,” said Denis Vinokourov, head of research at Bequant in London.
I don’t consider myself as a maxi, but if I look at the entire universe of investable cryptoassets, right at this moment, the most undervalued asset (adjusted for risk) IMO also happens to be the most expensive asset.#BTC
— Qiao Wang (@QwQiao) November 21, 2020
For Su Zhu, the CEO of 3 Arrows Capital, “the next key price to watch will be $36k,” because “this is the strike with the largest BTC Open Interest on Debit Exchange, the dominant market leader in Bitcoin and Ether-settled options trading.”
For now, it would be interesting to see if breaking the much-coveted $20,000 will trigger a pullback for the prices of the Bitcoin, for which the crypto community has been waiting for a long time. A break above ATH is also expected to capture more of the mainstream attention.
2 great points to watch out for with #Bitcoin. Possible black swan event in the making. I am positive some "large" entities in this space have been running fractional for years. https://t.co/N5Afd4QDvo
— Jared Tate ©️ (@jaredctate) November 20, 2020
Wider institutional acceptance has been particularly seen after PayPal announced its decision to allow its customers to access cryptos.
“When we think about who we see getting involved in the space and seeing how many more access points are being opened, that can further expand the base of investors participating in this asset class,” said Michael Sonnenshein, managing director at Grayscale Investments. “We’re very, very encouraged by the prospects for this space overall.”
Alex Mashinsky, chief executive officer at Celsius Network, a crypto lending platform, also said that today the flagship cryptocurrency had reached a place where institutional investors, banks, and family offices are “legitimately pondering involvement as a defense against currency devaluation.”
3 Bitcoin funds bought up 24,337 BTC this week.
There are only 21 million, and they're going fast. pic.twitter.com/jsP0sU4CF1
— Kevin Rooke (@kerooke) November 21, 2020
With these latest gains, 17% in just last week and over 150% YTD, Bitcoin has become the 15th largest digital asset by the market capitalization of $347 billion.
Beating Mastercard and Walt Disney, the leading digital asset, is ready to take over JPMorgan at $349 billion, just one step above, which it already did, albeit briefly.
As BTC continues to climb the rank up among the biggest assets by market cap, it has Visa at 12th spot with $397 billion market cap, Tesla at 10th spot with $464 billion, and Warren Buffet’s Berkshire Hathaway at 8th spot with $532 billion market cap in its vicinity to take over.