With the overall market valuation of all more than 7,000 crypto assets hovering above US$446 billion, the digital currency market has achieved good growth this week. Traders also observed that the price of Bitcoin jumped above the $16,000 area on Thursday, the first time since 2018.
On Thursday, November 12, 2020, the prices of Bitcoin and many other crypto assets have been climbing northward. At the time of launch, the entire crypto economy had grown by more than 2%, and today is worth $446 billion.
In early trading on Thursday, Bitcoin (BTC) hit a high of $16,177 on Bitstamp. The last time the price of Bitcoin was in this range was on January 6, 2018. The price of BTC has shrunk since hitting its 2020 price high.
Cryptocurrency analyst Willy Woo detailed on November 11 that Bitcoin’s Relative Strength Index (RSI) is starting to heat up. Woo tweeted when displaying the chart on Twitter: “The green circle indicates our position in this macro cycle. The beginning of a major bull market (just in case). The BTC’s on-chain relative strength index is heating up. Red vertical industries It is a halving, which provides a bullish impulse to supply shocks.”
Year-to-date, the exchange rate of Bitcoin (BTC) against the U.S. dollar has risen by more than 80.98%, and in the past 90 days, the exchange rate of the asset against the U.S. dollar has risen by 35%. The 30-day chart shows that BTC has also risen by more than 39% in the past four weeks.
Some traders believe that the second round of the Covid-19 outbreak may push prices to a correction level. Cryptocurrency trader @Chase_nl explained his prediction to his 18,000 Twitter followers on November 11. “Will the Federal Reserve’s intervention keep everything running? Probably. But pandemic + weekly resistance = reduce my risk. As mentioned earlier, I sold some spot bitcoins for $15,750. Today, the price of Ethereum is 472 US dollars,” the trader added.
In a research report by Messari, the company showed that Bitcoin (BTC) has outperformed gold, stocks, cash and bonds this year in terms of risk-adjusted returns. Messari uses the “Bitcoin Sharpe Ratio” to check the performance of crypto assets.
If the price of BTC is higher than $16,000, some traders expect a “real crash” after that. “Okay, the new game plan is that we will perform a well-designed upward chopping to make LTF traders recall,” cryptocurrency trader @Lomahcrypto explained on Twitter. “Beyond the general consensus bullish target…16,400-16,700 USD, then we have the first real crash. Even in a bull market, it reminds everyone of the destructive nature of BTC.”
At the time of publication, Bitcoin (BTC) is still trying to exceed the $16k area again, and has traded between $15,750 and $15,950 in the last two hours.
At the time of writing, the price of Ethereum (ETH) is $461 per unit, while the price of Bitcoin Cash (BCH) is $257. The BCH community expects to fork within three days on November 15, 2020.
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