Yesterday saw a rise in the price of Bitcoin that led him to break the all-time record on some exchanges such as Binance, Bitstamp and Gemini.
In these cases Bitcoin exceeded $19,800. Immediately afterwards, Bitcoin retraced to $19,500, aligning itself with other exchanges.
The mind went to December 17, 2017, when Bitcoin touched the $20,000, and then went down and started a path that would lead to a substantial loss of value.
Anyway, this euphoria is making those who buy Bitcoin grow.
Notes Simon Peters:
„Bitcoin’s upward trajectory continues to excite investors. We have seen a 66% increase in the number of people holding a bitcoin position on eToro today, compared to the last time the price of the crypto peaked in December 2017“.
A new record has been cut on eToro in recent days:
„On November 26th there was a 594% increase in open bitcoin positions on the eToro platform, the highest we have seen since December 2017. The trading volume was also 784% higher last Thursday than the rest of 2020“.
It is precisely these parameters that distinguish the facts of 2017 from what is happening these days.
Simon Peters adds:
„Although this meteoric rise seems similar to the 2017 run, there are some fundamental differences that indicate that the bitcoin could go even higher.
First, it’s not just the average person who buys bitcoins on the street. Larger investors, such as pension funds and hedge funds, are investing in crypto and many see it as a hedge against inflation.
Secondly, demand continues to outstrip supply, with investors trying to keep their bitcoin“.
For all these reasons, Bitcoin can rise again:
„For these reasons, bitcoin may continue to rise this year. If we maintain the current increase, then $25,000 before the beginning of 2021 is on paper. There will be some sales at $20,000, and this may see a short step back. But if bitcoin shirks these sales and continues to rise, then New Year’s Eve at $25,000 is ready to be taken“.
Bitcoin, the price from $25,000 to $500,000
According to Tyler Winklevoss (Gemini), the price of Bitcoin can rise well over $25,000 to $500,000.
He said this during an interview with CNBC in which he did not set a precise date, but he said for sure that this Bitcoin race will be supported by institutional investors.
After all, big names in finance have recently landed in Bitcoin, just to mention Paul Tudor Jones, and among the companies, last in order of time Guggenheim Partners.
What will happen if Bitcoin really rises to $500,000? Hard to say, but Tyler Winklevoss makes a promise: he and his brother will go back to dressing like penguins.