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REUTERS / Baz Ratner
- Bitcoin topped $ 18,000 on Wednesday, at its highest level in three years, and its market cap hit an all-time high of $ 336 billion.
- The price closed above $ 17,000 just five more days in history, Deutsche Bank analysts said.
- The frenzy over her price caught the attention of Hollywood celebrity Maisie Williams, who conducted a Twitter poll on Tuesday on whether she should buy Bitcoin.
- Events triggering Bitcoin’s price spike include improved acceptance by the general public and President-elect Joe Biden has appointed crypto friend Gary Gensler to oversee Wall Street regulation, an analyst said. ‘OANDA.
- Visit the Business Insider homepage for more stories.
Bitcoin exploded above $ 18,000 on Wednesday, taking its market cap to an all-time high.
The price of the digital token has jumped 2.5% to $ 18,147 around 6:15 a.m. ET, and its price has risen about 154% since the start of the year. Bitcoin recorded its highest price ever in December 2017, reaching $ 19,783.
The market capitalization of digital assets hit a new high of $ 336 billion, eclipsing its previous record of $ 328 billion set at the end of 2017, according to data from Coin Gecko.
Bitcoin closed above $ 17,000 for just five more days in history, according to analysts at Deutsche Bank.
The currency’s latest push began in October after PayPal announced it would allow its users to buy, sell, and hold the token. Crypto bulls said it is only a matter of time before other large companies embrace its use. The frenzy even led to “Game of Thrones” star Maisie Williams, recently, in a Twitter poll on whether she should buy Bitcoin.
Billionaire investor Mike Novogratz responded by saying he expected its price to reach $ 20,000 for the first time before getting to $ 65,000 due to a “network effect” in which there were a ton of new buyers and a low supply. “So YES, buy it,” he said.
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But some seem to think that it is just a bubble and that its price could collapse at some point.
“It is surely only a matter of time before a new high is reached,” said Craig Erlam, senior market analyst at OANDA Europe. “Although there is something about the huge gains last month that makes me a little nervous, given the past experience.”
The price of Bitcoin has risen by more than a third so far in November. Since the beginning of October, it has gained around 70%.
Many analysts, including Erlam, expect the price to exceed $ 20,000, with some expecting even higher levels.
Bitcoin is now “ready to retest its all-time high and possibly surpass $ 20,000,” said Ian Balina, CEO of AI-based cryptocurrency research firm Token Metrics. “It is well within the means for BTC as the global economic climate is perfect for Bitcoin to take to new heights.”
Bitcoin seems to be going all right for it, according to Edward Moya, another senior analyst at OANDA. This is largely because acceptance by the general public is improving, President-elect Biden has appointed Gary Gensler, someone considered friendly to cryptocurrencies, to oversee Wall Street regulations and an interest constant institutional, he stressed.
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