Bitcoin, the main cryptocurrency on the market, surpasses $ 17,000 and achieved a three-year high. Is it sustainable?
Bitcoin hits 3-year high, getting closer to its all-time high
The leading crypto has risen 5.33% in the last 24 hours, accumulating an increase of 15.38% during the last 7 days, to stand at $ 17,680 at the time of writing.
The crypto market has not seen this price level for Bitcoin since 2018. It has been a long way for Bitcoin to come, going from $ 10,000 in early September to today to $ 17,600, an increase of approximately 70%.
In general, analysts have explained the growth of Bitcoin with the worsening of the crisis caused by COVID-19. However, the bull run that crypto is experiencing is particularly different from others.
During the 2015-2017 bull market in Bitcoin $ BTC, there were 9 significant corrections with the following averages:
37% decline from high to low
14 weeks from one ATH to the next ATH
Since the early Sep low there have been two 10% corrections pic.twitter.com/E1LbN7VDa5
– Peter Brandt (@PeterLBrandt) November 16, 2020
As Peter Brant explained, during previous bull cycles, Bitcoin has seen up to 9 corrections, as opposed to the current one which has only experienced 2 corrections.
Meanwhile, its market capitalization, $ 330 billion, reached an all-time high.
Now the question is: Will it be sustainable? A significant proportion of the market believes that Bitcoin’s bull run is just beginning and will far exceed its all-time high.
I bought more $ BTC last night at 15800. It’s going to 20k and the. To 65 k. The network effect has taken over. I see tons of new buyers and there is very little supply. It’s an easier trade here that at 11k. So YES, buy it.
– Mike Novogratz (@novogratz) November 17, 2020
In fact, today Mike Novogratz, via Twitter, noted that Bitcoin will hit $ 65,000 due to a combination of low supply and “tons of new buyers.”
The fact that Bitcoin surpasses $ 17,000 is key, the crypto community is hopeful that it will continue to rise. However, in the crypto market you cannot be trusted.
Ray Dalio withdraws his crypto opinion?
Bitcoin has managed over the years to demonstrate its potential and silence all those who, one day, doubted its crypto potential.
Recently Ray Dalio was a bit critical of Bitcoin, especially condemning its future to be banned by governments. Now, in a series of Tweets, he admitted that he might be missing important information about Bitcoin.
In this way, he asked the crypto community to correct him. However, he reiterated the reasons why, in the past, he has been critical of the crypto leader.
Maisie Williams Joins Historic Crypto Rally
Maisie Williams, better known by her character name “Arya Stark,” asked for advice on crypto investment and more than 900,000 people responded.
He asked if he should invest in the leading crypto through a survey, but the answer was no. However, that was not enough to convince Williams.
The artist seems to have already decided to invest in Bitcoin and asked out of curiosity.
“Thanks for the advice,” she stated to the crypto community that she was eager to embrace her as one of their own. I bought some anyway.
Ethereum 2.0 crypto update at risk of delay
As we reported today in CryptoTendency, at the moment only 18% of the necessary minimum of more than 524,000 ETH has been deposited prior to the launch of the Ethereum 2.0 crypto update.
The developers seem to be hopeful. However, the situation is complicated as the days go by and more than 80% is missing from the crypto target.
Thus the crypto market begins to come to terms with the idea that the update could be delayed.
In a few lines …
China Construction Bank (CCB) delays the sale of Blockchain bonds, worth $ 3 billion, Bitmain shows that pre-orders for its flagship AntMiner S19 Pro, S19 and T19 products will have to wait until May 2021 for delivery Despite having entered the crypto market, PayPal remains behind Binance in the US market.
What has been your reaction to seeing that Bitcoin has exceeded $ 17,000? Let us know in the comment box.
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