In the early hours of Saturday, November 21, Bitcoin rose to another annual high, coming close to the $19,000 mark.
At 02:25 UTC, Bitstamp quotes rose to $18,977, after which the price retraced. At the time of writing, Bitcoin was trading around $18,700.
From the all-time high of $20,000, reached in December 2017, the cryptocurrency is only about 7% away.
BTC/USD chart from Bitstamp on TradingView.
At its peak, Bitcoin’s market capitalisation rose to a new record of $351.34 billion.
In recent remarks, major investors have increasingly argued that Bitcoin could replace gold as a store of value.
Yesterday, Tom Lee, the managing partner of Fundstrat Global Advisors, said that this year Bitcoin “is crushing all other hedges and asset classes”.
.@fundstrat on Bitcoin: «It’s killing it this year — it’s just crushing all other hedges and asset classes this year, but in 2021 I think Bitcoin could be the year of the fireworks… the best is probably yet to come.» https://t.co/xpAujlllJF pic.twitter.com/UARKF4UduN
— Yahoo Finance (@YahooFinance) November 20, 2020
«2021 год может стать для биткоина годом фейерверков. Возможно, лучшее еще впереди», – добавил он.
Similar view said the chief investment officer of the world’s largest asset-management company BlackRock, Rick Rieder. In his words, Bitcoin represents a reliable mechanism that ‘is much more functional’ than a gold bar.
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