It would seem that there’s no stopping Bitcoin right now. A few days after the world’s largest cryptocurrency breached the much-anticipated $18,000-mark, BTC has crossed yet another milestone – $19,000. The latest development on Bitcoin’s price charts came on the back of a 6% surge in a matter of 3 hours with its current trading price at $19,060.
Source: TradingView
At the time of writing, Bitcoin was very close to its ATH of $19,665, a price level it last noted on 16 December 2017. Further, according to Messari, BTC was recording YTD returns of +158.70 percent, at press time.
Some in the community are expecting the cryptocurrency to be due for a correction soon, however, with TokenMetrics’ Ian Belina telling AMBCrypto,
“BTC is performing better than expected. While still bullish long-term due to macro-economic factors and large corporations getting into crypto, we expect BTC could correct back to around $14k by the first week of December.”
On the contrary, others are optimistic that the much-longed bull run is finally gaining steam. While the pace of BTC’s surge over the past few weeks has taken some by surprise, it should be noted that back in 2017, the world’s largest cryptocurrency took only 10 days to climb from $10,000 to near-$20,000.
The aforementioned optimism was highlighted by Fundstrat’s Tom Lee in a recent interview during which he argued,
“[BTC] It’s killing it this year, it’s just crushing all other hedges and asset classes this year [2020].”
That’s not all, however, as Lee went on to add that he expected fireworks in 2021, claiming that “the best is probably yet to come.”
Interestingly, Bitcoin isn’t the only crypto-asset surging on the charts. In fact, Ethereum, the world’s second-largest cryptocurrency, crossed the $500-mark a few days ago, with its own surge also fueled by the news that the United States’ Securities and Exchange Commission [SEC] had approved the Grayscale Ethereum Trust [ETHE] as the first public quoted ETH investment product in the country.
A few hours before Bitcoin’s $19k-breach, ETH had broken above $600 too.
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