Bitcoin price surge: BTC hits all-time high of almost $20K – ‘A new milestone’ | City & Business | Finance
Bitcoin has today hit record highs not seen for almost three years. The crypto has since levelled-out and is currently trading at £14,580 ($19,437) as of 9pm GMT, according to coindesk.com data.
Demand for the notoriously-volatile digital currency has seen an uncharacteristically steady surge over the last three months, which has gathered real momentum in recent weeks.
The last time bitcoin approached the psychological $20,000 barrier, in December 2017, BTC crashed in spectacular style, shedding a quarter of its value during a single day.
The crypto then proceeded to slump to lows of $4,000 (£3,000) in late 2018 – making its recent market performance all the more remarkable to some.
But bullish cryptocurrency experts believe this watershed moment should not see a repeat of the last price slump.
READ MORE: Bitcoin price could rocket to ‘$1,000,000’ as big institutions buy directly from miners
David Wachsman, CEO and Founder of Wachsman believes a growing market awareness from major institutions means bitcoin is in a far better place than it has ever been.
He told Express.co.uk: “Fundamentally, BTC is a much stronger asset now than it was when it reached its all-time high in 2017 due to a number of factors including the halving, institutional adoption and the implementation of a number of concrete use-cases.
“Payments giants like PayPal are now offering crypto trading services to over 325 million retail users.
“Publicly-listed US companies are finally taking it seriously, like MicroStrategy moving 10 percent of its balance sheet into the asset.
“While there should be plenty of selling at the all-time high market price for those looking to reap profits, the sharpened focus and publicity for bitcoin hitting a new milestone will accelerate the trend: the mainstream population becoming increasingly aware of and interested in buying bitcoin and cryptocurrencies.”
Zahreddine Touag, Co-Founder of the Paris Blockchain Week Summit and Head of Trading at Woorton, agrees, pointing to bitcoin becoming a hedge against massive and previously-unseen injections of liquidity from central banks worldwide and therefore future inflation – reportedly in part in response to the coronavirus pandemic.
He told Express.co.uk: “Following this price increase, we have seen massive liquidations of $1.9 billion [£1.43 billion] worth of open interest on the derivatives market which impacted the spot market with a decrease of about 15 percent percent in nearly 24 hours on November 26.
“Despite the decrease in price, buyers remained extremely active consolidating their positions.
Those events and consistent buying flow brought the price of Bitcoin to a new historical high of $19,829 breaching the last record of 2017.
“However, the main difference with the 2017 bull run is that most institutions were not investing in the asset yet and the flow was mostly driven by retail traders as a bubble.
“We, therefore, are still bullish on the asset despite the recent increase.”
Tyler Winklevoss, the first publicly identified bitcoin billionaire along with his twin brother, has announced believes a single bitcoin may eventually be worth $500,000 as it increasing grips hold of the global financial system.
Mr Winklevoss today tweeted: “#Bitcoin is up 175% YTD and will be the best performing asset of the decade.”