Ever since the bitcoin price fell from its all-time high of around $20,000 in 2017, its price has been the source of constant speculation and fascination for people within and outside the cryptocurrency industry. In the last few weeks, bitcoin has seen a steady increase in price, exceeding one new resistance point after another and even surviving a brief slump in November.
Now, the bitcoin price is showing yet another sign of recovering its past peak as the price per token has reached $17,000. This exceeds the predictions of some of the most ambitious experts in the last few months.
Bitcoin Soars Past $17,000
Bitcoin’s market capitalization now stands at $315 billion, which is just shy of its previous all-time high of $355 billion. This is particularly impressive considering that the token fell below $4,000 in March this year. As such, the token has seen a recovery of over 330%. Other cryptocurrencies have also seen an increase in value following bitcoin’s spike, though this is typical within the industry.
According to Ben Zhou, co-founder, and CEO of Bybit, this current growth trajectory is reminiscent of the one bitcoin experienced in 2017. However, there is one key difference which is that there is much more institutional support for the industry. One of the factors that are credited for the price spike in the month of October was PayPal rolling out cryptocurrency transactions for its over 300 million users.
This, along with the formal launching of the JPM stablecoin, shows that the mainstream financial world has faith in the industry, and this inspired trust among members of the public. Crypto users had been preparing for a price spike for the last few months but most predictionshad looked towards a new resistance point of around $13,000.
After the slump of 2017, some had completely lost faith in bitcoin, and even maintaining a price above $10,000 per token seemed like an uphill battle at times. Needless to say, bitcoin has proven to have staying power.
Bitcoin Looking to $20,000?
Now that bitcoin has demonstrated its resilience and has been able to bounce back from a major bear market, crypto enthusiasts are now eyeing a $20,000 price point in the next few months.
According to Edward Moya, senior market analyst at Oanda, “Bitcoin easily broke past $17,000 and everyone now has their eyes on the $20,000 level, which could trigger some selling.”