Why Bitcoin price just hit $19,000 for the first time in 3 years
For the first time since 2017, Bitcoin price pushed above $19,000, and multiple indicators suggest the rally may continue. The price of Bitcoin (BTC) hit $19,000 on Nov. 24 for the first time since the historic rally in December 2017. Three key reasons are behind the dominant cryptocurrency’s strong momentum.The main factors buoying BTC’s ongoing rally is whale accumulation, decreasing exchange supply and explosive volume trends.BTC/USD weekly chart (Bitstamp). Source: TradingviewWhales are still accumulating BitcoinAll throughout November, Cointelegraph reported that whale clusters were....
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Bitcoin’s amazing rise continues to break records, setting an all-time high market cap and reaching for the highest price since 2013. However, this familiar bull-run is different from the one experienced 3 years ago. Here’s why… ‘This Time, It’s Different’. One of the most basic and well-known premises of technical analysis trading is that history tends to repeat itself or as Sir John Templeton said: “The four most dangerous words in investing are: ‘this time, it’s different.’” With this in mind, anyone can get a bit skeptical when considering the latest Bitcoin rally and how it compares....
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On Wednesday, November 18, 2020, the price of bitcoin has been coasting along at levels not seen since the decentralized currency’s all-time high three years ago in 2017. The cryptocurrency’s market capitalization is currently hovering at around $334 billion today. Likewise, the daily rate of bitcoin issuance during the last three years makes the overall market valuation higher than it was when bitcoin touched $19,600 per coin. Earlier this morning (EST), bitcoin (BTC) had surpassed the $18k per unit price zone, as the crypto asset has climbed a whopping 54% during the last 30....