Bitcoin (BTC) continues to register new records this year. The virtual currency soared to $18,400, the highest price registered since early 2018. However, the cryptocurrency fell to $17,200 in just minutes. The entire crypto market continues to be very bullish and it is already waiting for all-time highs this year.
Bitcoin Soars to $18,400
It has been a very positive week for Bitcoin, and this is just Wednesday. The largest cryptocurrency in the world has reached a new record this year. It surpassed $18,400 for just a few minutes and then fell to $17,200.
As the cryptocurrency continues to move higher, there are experts that are calling it an alternative to gold. According to J.P. Morgan’s Directo Nikolaos Panigirtzoglou, Bitcoin shows that it can be an alternative to gold.
“There is a reassessment about its value here as an alternative currency; as an alternative to gold.,” stated Mr. Panigirtzoglou.
During the last months, several companies have shown a large interest in Bitcoin and cryptocurrencies. PayPal, for example, has added cryptocurrency support. Now PayPal clients can buy and sell cryptocurrencies directly from the PayPal platform and without having to leave their accounts.
At the same time, MicroStrategy and Square are showing Bitcoin could be a good way to diversify their portfolios. These two companies have purchased several millions of dollars in Bitcoin in order to get exposure to the digital asset.
Grayscale released an update on November 13, informing that their assets under management have reached almost $10 billion. The main product currently offered by Grayscale is the “Grayscale Bitcoin Trust” with $8.239 million assets under management (AUM).
At the time of writing this article, Bitcoin is being traded around $17,760. This represents a price increase of 6.81% in the last 24 hours. It is worth mentioning that with the recent move higher of Bitcoin, not all the cryptocurrencies have been moving higher.
Bitcoin has been the largest gainer in the last 24 hours among the top 50. In the top 10, only Ethereum (ETH) and Chainlink (LINK) have registered gains during the same period of time. Ethereum moved higher 2.47% while Chainlink registered a 4.57% change in its price.
The main question now remains whether Bitcoin will be able or not to surpass its all-time high of $20,000 this year. Analysts consider that it is certainly possible and that 2021 could be a very positive year.