Bitcoin Starts Its Series of Hitting All-Time Highs (UPDATED)
After an accelerated bull run this past weekend, on Monday, the most popular cryptocurrency, bitcoin (BTC) started revisiting its all-time highs (ATHs). (Updated at 15:41 UTC: updates throughout the entire text. Updated at 16:23 UTC: a new section - USD 50K and 'the perfect opportunity' - has been added ).
Per Coingecko.com, BTC hit USD 19,686 today, surpassing its previous ATH of USD 19,665, reached on December 16, 2017.
At pixel time, BTC trades at USD 19,579 and is up by 8% in a day and 6% in a week.
However, as reported by Cryptonews.com, bitcoin's ATH means different things to different people and companies, depending on who you ask.
On Coinpaprika, a crypto market research platform, BTC reached a high of USD 20,089 on December 17, 2017. Binance-owned CoinMarketCap has the bitcoin ATH at USD 20,089 reached on December 17, 2017. Wikipedia says that the BTC price peaked on December 17 at USD 19,783.06.
Mati Greenspan, who is at the helm of Quantum Economics, also observed the nuances in bitcoin’s all-time high price, saying that it’s “different depending on what chart you’re looking at.” He provides a range of USD 19,666 to USD 20,155, with Bitstamp at the low end and eToro at the high end.
BTC price chart:
"Bitcoin’s ascent today to a new all-time high of USD 19,844 will captivate,” Paolo Ardoino, Chief Technology Officer at the Bitfinex exchange, said in an emailed comment. “Still, of far greater consequence are the fundamentals giving fuel to this rally, notably the increasing presence of institutional investors. Bitcoin is still nascent and even relatively small allocations into the asset class from investment funds can have a seismic impact.”
"We are continuing to see increased interest from institutional investors," Henri Arslanian, PwC Global Crypto Leader in Hong Kong, told Bloomberg, adding that institutional investors now are able to get access to digital assets via multiple players that are regulated.
"Bitcoin has its best opportunity to move higher in the present environment because the Chinese aren’t as fearful as they were in the past," ST Capital’s Louis Curran told Bloomberg. "Now we’re starting to see the yuan strong on its own fundamentals so there’s less incentive to cap bitcoin."
Top 10 cryptoassets and their all-time highs:
USD 50K and 'the perfect opportunity'
"With the likes of MicroStrategy, Square, and PayPal jumping on the crypto bandwagon, USD 50,000 by the end of this year is not at all unlikely. This will be a record not driven by frenzy, but by the big, forward-thinking, finance and technology-savvy institutions that will push crypto into the mainstream," Antoni Trenchev, Managing Partner of Nexo, who predicted that BTC could reach USD 50,000 by end-2020 in March, said in an emailed comment.
Meanwhile, other industry players stressed that BTC hitting its ATH will attract even more potential investors, which brings news opportunities for the whole industry.
"The simple truth is that the price of bitcoin attracts more people to cryptocurrency, institutionally as well as retail. When this happened in 2017, there was a real lack of products for the new converts to experience, whereas today there are endless uses, protocols, services across farming, lending, standard trading etc. Therefore we’d expect to see the new adopters hang around this time," Soravis Srinawakoon, CEO and Co-Founder of Band Protocol, said.
Samantha Yap, Founder and CEO of YAP Global, a fintech, crypto and blockchain-focused PR agency, and one of the early contributors of Cryptonews.com, stressed that "this is the perfect opportunity for blockchain and cryptocurrency companies to educate new comers about this technology."
"Take advantage of the bitcoin or ETH price hike as a hook to inform new users about what your company or product is offering. This is the best opportunity to educate mainstream media on how new users can buy, sell, store and interact with cryptocurrency responsibly and safely," she said.
This time around, American Bitcoin buyers appear to be the driving force, rather than the Asian speculators who drove things during the last two peaks.— Nathaniel Popper (@nathanielpopper) November 30, 2020
Chainalysis has also found that many more buyers are now moving their BTC off exchanges to storage rather than trading more.
It's starting. Bitstamp and Kraken just hit all-time highs https://t.co/gdPh1WfOef— Larry Cermak (@lawmaster)
This is no time to take your chips down. 20,000 isn't cool, you know what's cool? 30,000. https://t.co/6kTHwVzC8f— Matthew Graham (@mattysino)
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