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Blog

Date:
18th Nov 2020
Author:
CryptoAltum Research Team

Bitcoin Price Powers Above $17,700, Registers a 3-Year High


At $17,750, the Bitcoin price is trading at new 2020 highs, a level last registered in early 2018. Bulls are rampant. Analysts expect inflation to rise in 2021 and as Trump holds on to office, BTC is widely treated as a store of value as Wyoming’s Senator-elect, Cynthia Lummis, observes. The politician made her first crypto purchase in 2013.


Details: 

Cryptocurrencies across the board are in the green in the last week of trading. Notably, Bitcoin, a digital asset that’s being considered by leading public companies--including the latest proposal by Anthony Scaramucci--the former spokesperson for President Donald Trump, as part of their investment strategy, dominates headlines. The coin is trading at a new 2020 highs and roughly $3,000 shy of its retesting its all-time high. Bitcoin’s tailwinds stem from the realization that cryptocurrencies are here to stay and its unique properties as a censorship-resistant medium of value and a store of value controlled by no one but proven code.


Impact on the BTC Price: 

Bullish. As long as the political stalemate continues and analysts fear inflation, the coin will trend higher. The next few weeks’ developments will be instrumental for Bitcoin prices.


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