Bitcoin Price Adds $800 in 24 hours to Hit 3-year High
The price of Bitcoin finally surpassed the $17,000 mark today, Tuesday, November 17. This is the first time the leading coin will be reaching this milestone in three years.
Bullish Run Continues
Bitcoin has enjoyed an unprecedented bullish trend in the past month, hitting several milestones on the way. This run has continued in the past 24 hours as BTC has added $800 to its price and is currently priced at $17,400 per unit. This represents an increase of 7% on its price, and its market dominance has stretched to 65.5%.
Also, Bitcoin’s total marketcap has a record of $323billion thanks to the rise in its price. In the seven-day chart, Bitcoin is up 13% from its price a week ago and appears to be on its way to record levels. The momentum from Bitcoin has been incredible when compared to other financial assets.
Bitcoin is currently performing at 135% in 2020 despite the Covid-19 pandemic that affected global finances. A month ago, the coin was priced at around $11,300 and had increased by about 50% to its current price.
This recent run has led to several analysts predicting record levels for Bitcoin. Some attribute the recent pump to the increase in institutional investments in the coin. It is no secret that Bitcoin experienced minor pumps after huge purchases from Grayscale, MicroStrategy, and Square.
The public support of these institutions has increased the adoption of the leading currency by more financial firms. Also, Bitcoin’s popularity is at record levels, with more people getting to know the cryptocurrency. According to the Google Trends tool, the search interest index of the term ‘’bitcoin’’ is at its highest rate since August. Just yesterday, Game of Thrones actress Maisie Williams expressed her interest to own Bitcoins, which sparked a debate on Twitter.
Road to $20,000
Surpassing the $17,000 mark inches Bitcoin closer to its record height of $20,000 achieved in February 2018. The next support levels are at $16,800, 16,500 and 16,300 respectively. If it can stay on its current trend, it could hit the $20,000 mark by the end of the month.
Nevertheless, it should be noted that the volatility of Bitcoin means that there is a possibility that the coin could drop sharply in the coming days. At the moment, the market sentiment for the leading coin is very positive.