The price of Bitcoin has risen by more than 13% in the last few days. Bitcoin is just above 3% of its all-time high.
The price of Bitcoin is currently on course towards its all-time high (ATH). On this November, it momentarily broke the USD 19,000 barrier for the first time since December 2017.
That same day, the price of the pioneering cryptocurrency narrowly exceeded USD 19,000 before dropping to USD 18,800 again. The value of the Bitcoin is USD 18,992 at the time of writing this article, according to data from CoinMarketCap.
With that price, the foremost cryptocurrency on the market has risen just above 1% in 24 hours. Meanwhile, the increase has been higher than 13% in the weekly range. In that period, the price of the cryptocurrency has increased by more than USD 2,000.
The price of Bitcoin has gained around 45% in one month. This behavior has brought to memory the bullish run of 2017. That year, the cryptocurrency doubled in price and reached its all-time high so far in just one month.
Due to the momentum that the first cryptocurrency has gained in the market in recent weeks, there has been a lot of speculation about the arrival of a new all-time high. The cryptocurrency is currently struggling hard to regain the USD 19,000 level; a figure that the cryptocurrency for a very short time in December 2017.
With the current bullish momentum, Bitcoin has gone from USD 11,700 to USD 18,800 in a matter of just three months. Taking into account the fall that Bitcoin price suffered at the beginning of the COVID-19 pandemic, this has been a remarkable behavior. At the time, it was even below USD 4,000.
Broad interest from institutional investors in the pioneering cryptocurrency, as well as its adoption by large companies like PayPal, may have contributed to the performance of Bitcoin in recent times.
The cryptocurrency market has historically followed the behavior of Bitcoin. However, this year, the pioneering cryptocurrency has broken all-time highs at a rate that altcoins have not been able to follow.
Currently, while the price of BTC is just over 3% of its all-time high, those of major cryptocurrencies are much further away from their all-time highs. For example, native Ethereum’s cryptocurrency Ether (ETH) is still at more than 50% away from its all-time high of USD 1,400.
Bitcoin has been able to do what many experts have predicted for years. The foremost cryptocurrency of the market has managed to recover its all-time highs even during the worst crises. Even though some people have expressed opinions against it, it has proven to be the best option for investors seeking a store of value to safeguard their funds.
By Willmen Blanco
