The price of bitcoin has smashed through $15,000 for the first time since January 2018 a signal that the world’s most valuable cryptocurrency is on course to repeat its 2017 all-time high.
The price of bitcoin was at $15,227 on the Coinmarketcap on Thursday evening, representative a 9.46 percent growth in 24 hours and 13.26 percent in the past seven days.
Bitcoin has been on a bullish mood since October where it closed at a high of 28 percent, the third-best
month in 2020, only behind January and April.
The bulls appear not to be leaving any time soon as bitcoin opened the first week of November setting a high of $14,000 for the first time since January 2018. Although it dropped later, Bitcoin pushed to a new yearly high once again over the weekend and finally touched the $14,000 level.
“We’re headed into an interesting, and potentially volatile, week across all markets, with the US election today and the significant increase in Covid-19 numbers worldwide,” said experts at Luno, a global cryptocurrency exchange with a presence in over 40 countries.
The BTC market dominance is climbing to a four-month high this week, currently at 63 percent.
Read also: Bitcoin now worth N12.5 million in Nigeria as it hits $26,000 ATH
Some analysts had predicted that the US election could have a downward effect on the price of the cryptocurrency. Experts at Luno said what should be expected is a wild movement
“Election day was bumpy 4 years ago, and there is little reason to believe that we will go through this election without large movements,” they said.
On Wednesday while President Trump was claiming victory even before the majority of the votes were counted setting off fears of a political crisis in the world’s biggest economy and a downward spiral of the global stock exchange, the price of bitcoin was heading towards $15,000.
“Bitcoin doesn’t go up or down for macroeconomic reasons, like QE or real investor decisions,” said David Gerard, a blockchain and financial expert, “The market is thin and manipulated, and every price change is fully explained by internal market issues.”
The surge in the price of bitcoin can be attributed to the increased attention it is receiving from institutional investors. PayPal, the world’s largest payment company announced it is launching its own cryptocurrency exchange bolstering long-standing expectations that bitcoin and its rivals could become a more viable form of payment.
