This website uses cookies to ensure you get the best experience on our website
Join us on Telegram for FREE daily market updates!

Blog

Date:
17th Dec 2020
Author:
CryptoAltum Research Team

Bitcoin at a New All-Time High, Rallies to $22.2k


The Bitcoin price, on Dec 16, broke above $20k. It is now at a new all-time of over $22.2k, two years after sinking to $3.2k, and exactly three years after rallying to $19,873 on Dec 17, 2017. A historic development, it reaffirms the status of Bitcoin as an on-demand asset sought by investors of all grades.


Details: 

The rise and rise of Bitcoin in 2020 is due to the effects of the novel coronavirus pandemic. It caused a Domino effect; forcing governments to not only air-drop cash but also slash interest rates to record lows. With helicopter money, inflation is inevitable. Now the investment community is rushing to havens like Bitcoin. Bitcoin is a store of value comparable to gold but is digital and therefore attractive. In the past two weeks alone, more public funds have been allocating a portion of their billions for Bitcoin as an investment strategy, spurring more demand.


Impact on the BTC Price: 

Bullish. Unlike in 2017, the Bitcoin price is being propped by institutions. They have been sinking millions to an asset deemed by leading hedge fund managers as undervalued vis-a-vis the valuation of gold and equities.


More market updates on our Blog 


Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
  • Copyright Excel Innovations Ltd (CryptoAltum) 2020