Bitcoin has been rising in prices steadily ever since its lowest price of USD 4,000 earlier in March 2020. The Covid-19 events affected many markets across continents, including the cryptocurrency market. Bitcoin, in particular, managed to recover and reach higher prices, making 375% gains over a span of 9 months. Why Bitcoin has a different story today?
Bitcoin 2020 is no Bitcoin 2017
When Bitcoin started to rise back in 2017, it was mainly due to market hype, with little to no fundamental news about adoption. It was rather the crypto enthusiasts meeting in groups, discussing the potential future of the crypto market, with the mainstream media fueling its potentials via throwing hype and FOMO to the masses.
When prices started to rise faster, it was the Bitcoin whales themselves along with big traders buying massive amounts of Bitcoins, not for their use or storage for the long term, rather to benefit from short-term gains. The proof? Everyone dumped Bitcoin as soon as they made a hefty profit, and Bitcoin prices showed signs of regression.
Today in 2020, many fundamentals come at play:
- MicroStrategy Purchases Extra $50 million in Bitcoin
- Deutsche Bank announces that Bitcoin is More Popular than Gold
- This Billionaire Reveals 10% of His Liquid Assets are in Bitcoin
- PayPal Removes Waitlist for Crypto Trading
- Pro Bitcoin Congresswoman Elected to the US Senate
- Square’s Bitcoin Revenue Grows By 1100% In Q3
- PayPal to allow users to buy, sell, and use cryptocurrencies
- Stone Ridge invests $115 Million in Bitcoin
- And on and on and on
Bitcoin technicals in 2020 still show a healthy uptrend
Despite the latest rally in prices, Bitcoin entered into a consolidation year back in 2019. A lot of development in technology, awareness, and big tech adoption was happening behind the scenes, only to be followed by 2020, where the price also corrected in march 2020 with the Covid-19 markets crash.
If we compare 2017 to 2020, we can clearly see a simple price shot upward with no adjustments whatsoever.
We can also notice a clear consolidation being made currently above the USD 19,000 level. Back in 2017-2018, the price barely saw the price of USD 19,000 only to fall back well below that level.
In a previous article, we discussed why the current consolidation is a good sign, and traders should get ready and position themselves for either way.
Cryptocurrency Market Overview
In the past 24 hours, the cryptocurrency market was up for the day with the top 10 coins moves below :
1- Bitcoin (BTC) : + 1.2 %
2- Ether (ETH) : + 2.72 %
3- Ripple (XRP) : + 2.88%
4- Tether (USDT) : 0 %
5- Litecoin (LTC): + 6.28 %
6- Bitcoin Cash (BCH) : + 2.12 %
7- Chainlink (LINK) : + 4.46 %
8- Cardano (ADA) : + 4.55 %
9- Polkadot (DOT) : + 3.55 %
10- Binance Coin (BNB): + 2.25 %
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