Enthusiasm for crypto surges as Bitcoin hits a record high


Bitcoin
Photo by Marta Branco from Pexels

On Monday (November 30) Bitcoin hit a new all-time high after trading up 9% at $19,850, surpassing its previous record of $19,783 in December 2017 and pushing this year’s surge up to more than 150%.

“Bitcoin’s moment has arrived,” Guy Hirsch, MD for the US at the trading platform eToro told Bloomberg. “This rally could still have quite a ways to go.” Hirsch cited institutional involvement as one of the reasons for its recent advance.

Even though Bitcoin itself remains volatile prominent investors continue to purchase the cryptocurrency as a hedge against the central bank and government actions.

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With eye-popping gains, traditional firms have also sought to capitalise on increasing institutional demand, like Fidelity Investments launching a bitcoin fund earlier this year and Facebook’s Libra coin, which is reportedly set to launch in January 2021. PayPal also recently announced its decision to allow customers to use cryptocurrencies – opening crypto up to an even wider audience.

Matt Maley, the chief market strategist at Miller Tabak + Co, told Bloomberg’s Vildana Hajric that Bitcoin could reach as high as $22 000 before it tops out for a while. While some technical indicators show that Bitcoin has become overbought, meaning it could soon pull back swiftly, Maley says it’s unlikely that it will be anywhere near as big as the 2018 decline.

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