With new bullish feelings and sentiments in the cryptocurrency markets, Bitcoin is able to claim $18,700 for the first time since 2017 when the primary cryptocurrency topped an all-time high.
After remaining below $18,000 for a few days, the world’s leading digital asset has reached $18,700 over many cryptocurrency exchanges. The coin got a bull momentum when it was trading around $17,200.
Bitcoin is Better than Gold
Behind the latest price gain, there are some trends and fundamental factors that are driving the price value upward. Even some traders from Wall Street are praising the bullishness of the top digital currency. For instance, the chief investment officer of a prominent Wall Street firm thinks “crypto is here to stay” amid an outstanding BTC rally. He further says that Bitcoin has a capacity to replace gold as it is a better hedge fund from a macroeconomic perspective. After the second wave of the Coronavirus, Bitcoin is performing a lot way better than gold as gold is exchanging hands at $1,876.
After the CIO of BlackRock gave very optimistic comments over Bitcoin, crypto members see it as very big news for the industry as the company is the largest asset management entity in the world. Former hedge manager and Real Vision CEO, Raoul Pal, stated:
“This is huge news. This is the largest asset management firm on earth. 2021 is setting up to be a year of severe supply shortages vs. demand in Bitcoin, and upside price dislocations.”
Halving Also Pushes Bitcoin High
In its latest interview with Yahoo Finance on November 20, Tom Lee from Fundstrat says he has seen “a lot of interest and a lot of engagement” for the top digital currency of the crypto world. He also explained that halving even has made it possible for Bitcoin to move up due to the shrinkage of the coin‘s supply.
Following the king cryptocurrency, altcoins have also geared up and have exploded in price gains. For example, Ethereum, the second-largest coin, has reached above $500, the highest value witnessed since January 2018. Similarly, XRP is trading at $0.31 after an increase of 5.95% over the day.