Bitcoin price hits $17,700.

Bitcoin, the leading cryptocurrency, breached the $17,000 level, posting a new 2020 high.

The chart below shows the price jump amid a surge in trading volumes.

Hourly BTC/USD chart from Bitstamp on TradingView.

Update: Bitcoin price reached $17,700.

Update: The “printing press” of the stablecoin Tether has come back to life. Among recipients of the new issuance is the cryptocurrency exchange Binance.

🚨 17,000,000 #USDT (17,143,301 USD) transferred from Tether Treasury to #Binance

Tx: https://t.co/Z69Rt3LvdV

— Whale Alert (@whale_alert) November 17, 2020

Bitcoin’s rally has revived the rest of the market. Here is the Top-10 by market capitalization:

Among the top-10, XRP, Litecoin, Polkadot and Cardano rose the fastest over the day. Data: CoinGecko.

The current market capitalization of Bitcoin — $315.4 billion, the dominance index — 64.1%. The price of digital gold at the time of writing — $17,025 (Bitstamp). The last time Bitcoin traded at such a high level was January 2018.

Weekly BTC/USD chart for the Bitstamp exchange on TradingView.

According to The Block analyst Larry Cermak, Bitcoin’s price would need only about $400 more to reach a new all-time high in market capitalization.

We only need about $400 more to surpass Bitcoin’s market cap all-time high. Only about $15 billion away pic.twitter.com/1fHqcBm2BM

— Larry Cermak (@lawmaster) November 17, 2020

In the wake of Bitcoin’s rise, the percentage of coins that had lain unmoved for more than two years fell to new lows.

📉 #Bitcoin $BTC Percent Supply Last Active 2+ Years just reached a 3-month low of 44.012%

Previous 3-month low of 44.013% was observed earlier today

View metric:https://t.co/QABODbVlQG pic.twitter.com/na7zy9h340

— glassnode alerts (@glassnodealerts) November 17, 2020

Realized capitalization for Bitcoin also hit an all-time high.

📈 #Bitcoin $BTC Realized Cap just reached an ATH of $128,578,406,096.02

Previous ATH of $128,570,271,179.49 was observed earlier today

View metric:https://t.co/C8JhD26mC1 pic.twitter.com/JguLjOarIt

— glassnode alerts (@glassnodealerts) November 17, 2020

Analyst Willy Woo noted that over the past week miners sold far more coins per hour than a month earlier — 328 BTC versus 11 BTC. As a result, the price has risen confidently despite mounting bear pressure.

Since #Bitcoin was at $11.4k a month ago, miners have been selling an average 11 BTC per hr at exchanges.

In comparison 214 BTC per hr has been scooped off exchanges. This is net flows of buyers over sellers.

This week’s average is 328 BTC per hr.

(@glassnode data)

— Willy Woo (@woonomic) November 17, 2020

Earlier, Bloomberg analyst Mike McGlone expressed confidence, that Bitcoin’s market capitalization would reach $1 trillion in the second half of 2021.

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