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At the time of writing, bitcoin – the world’s number one cryptocurrency by market cap – has added another $500 to its price and is now trading for well over $19,500. This is a new high for the currency considering the asset has spent the last few days traversing the doldrums.
Bitcoin Surges By $500
To be fair, the currency has done well for itself. It recently spiked beyond the $19,000 mark for the umpteenth time in the past few months and has remained there for a short period. However, this ultimately succeeded a timeframe in which bitcoin lost more than $1,000 off its price and fell from $19K to the low $18K range. From there, it fell to about $17,900 before ultimately spiking back into the high $18,000 range and recuperating somewhat.
The good news is that the currency appears to be back and ready for action. At press time, it is less than $500 away from hitting the $20,000 mark. Could the currency do so by the end of the year? This is what many analysts are hoping for, as it would put bitcoin on a whole new rung of the financial ladder and place it higher than it’s ever been.
The currency has already beaten its previous all-time high set in December of 2017. This incredible feat was accomplished just a few weeks ago. The currency jumped beyond $19,800 and was less than $200 away from hitting $20K. Many analysts were convinced that the big step would occur right then and there, though the currency experienced something of a correction that brought it down several hundred dollars and before long, bitcoin was back in the low $19,000 range.
Now, the currency appears to be making its way through the financial tunnels yet again. Could this time be different? Will bitcoin strike $20,000 in the next day or so, or is another dip in sight for the world’s primary digital asset?
Staying on a Bullish Track
2020 has arguably been the craziest year in bitcoin’s short, yet stellar history. The asset started things out trading for just over $7,000. From there, the asset rose by about $3,000 in four short weeks to hit five-figure territory in mid-February. Unfortunately, things weren’t set to last much longer considering the COVID pandemic would strike the globe’s financial markets the following month. The asset, much like everything else, dropped to record lows, seeing a price beneath the $4,000 mark for a brief period.
However, it only took two months for the asset to recover and shoot back towards $9,000, which brought about arguments that bitcoin had somehow gained resilience and maturity and was set to strike back against all barricades that were in its way. The asset has since added more than $10,000 to its price, and the currency has been on a steady bull run since that’s projected to last into 2021.