Bitcoin Price Surpasses Previous All-Time High
Today Bitcoin (BTC) briefly surged to a new record high over $19,783 per bitcoin. It began the day at just over $18,000 and has been on a tear since.
Since cryptocurrency markets do not have a closing bell or an official exchange that marks the price, some believe a new all-time high will not be reached until it surpasses $20,000.
I’m squarely in the “it’s not all time high until we breach $20k” camp
— Erik Voorhees (@ErikVoorhees) November 30, 2020
The previous high was set in December 2017 when Bitcoin’s total market capitalization hit $327 billion. Right now the market cap for Bitcoin (BTC) is around $360 billion.
The last time Bitcoin hit a new price high, the total market capitalization for the entire cryptocurrency industry was around $800 billion. It currently sits at around $577 billion, indicating that the space still has room to move to catch its previous highs.
A wave of institutional investors have entered the space in the last few months, apparently expecting high returns while governments attempt to print their way out of crisis. These early institutional adopters may have triggered FOMO (fear of missing out) for others.
As central banks continue to deflate their own currencies, it could push more hedge funds and perhaps even sovereign governments to add top cryptocurrencies to their holdings.
Meanwhile, the technical view of Bitcoin’s chart seems to point to higher prices going into 2021.