Historical price level for Bitcoin
Less than a day after exceeding $17,000, Bitcoin reached and surpassed the $18,000 threshold for the first time since December 2017. In the last 24 hours, its value has increased by 9%.
The market’s leading crypto-currency even flirted with the $18,500 around 7:00 am. As a result, the BTC is now up 146% since the beginning of the year and has gained almost 70% in the last quarter.
As a reminder, Bitcoin’s price record was reached on December 17, 2017: $20,089. But at the rate things are going, it is likely that the BTC will set a new price record in the coming months.
Anything to explain this increase?
Some experts attribute Bitcoin’s positive momentum to this year’s global events, including the economic uncertainty caused by the coronavirus pandemic, the negative rates charged on money deposits by some banks (in Germany) and the policy of central banks, based on money creation and debt buybacks.
As a result, institutions and individuals are increasingly interested in deflationary assets. For example, in August, MicroStrategy, a Nasdaq-listed company, converted a portion of its $450 million in cash to BTC.
At the end of October, PayPal announced the launch of a Bitcoin and crypto-currency purchase service. Also, for the past few days, all PayPal customers in the United States have been able to purchase Bitcoin directly from their PayPal account.
Thus correlated, these decisions and the evolution of the price of BTC seem to confirm a certain attractiveness for Bitcoin at the end of 2020.