Crypto Scoop: Bitcoin Price Reaches New ATH
Exciting week in crypto. Here are the highlights:
Bitcoin price reaches a new All-Time High (ATH)
This week started in full swing for Bitcoin. Following last week’s brief dip on its recent bull run, Bitcoin price finally made a new record on Monday, November, 30 by surpassing its previous ATH.
On a somewhat similar run in 2017, Bitcoin reached an ATH of $19,783 and has since then averaged around $7000. That was until this year when the price began to rise almost steadily.
But things really picked up when institutions began to invest in Bitcoin, which only proved the wide acceptance and utility of Bitcoin in today’s world. It started with MicroStrategy’s investment of $425 million, followed by Square’s $50 million investment.
It is worth noting that Jack Dorsey, founder of Square and Twitter has been a strong advocate of Bitcoin for a while now. We saw this a few weeks ago when in support of the #EndSars protest in Nigeria, Jack retweeted the Bitcoin Address of Feminist Coalition, a group that spearheaded contributions towards the protest.
But, it didn’t end with Square and MicroStrategy; online payments platform PayPal announced on October 21 that it would start supporting payment in Bitcoin. Given that there are over 26 million merchants worldwide that accepts Bitcoin payment, Paypal’s announcement was good news for both merchants and customers who dealt in Bitcoin.
These investments from big companies as well as many other praises from industry experts finally saw Bitcoin price exceed its previous ATH by peaking at $19,864 on Monday. Crypto experts believe that things are different now compared to 2017 given how far Bitcoin has come in being more than just a digital asset but also a currency.
In addition, with COVID-19 affecting economies around the world, a number of fiat currencies have been affected - including the US dollar. Many people now see Bitcoin as a hedge against inflation and have gladly turned to it to hold the value of their financial wealth.
We at Yellow Card are here for it all as we keep making it easy for you to buy, sell and store your Bitcoin.
Altcoins were not left behind
Following in the steps of the foremost cryptocurrency, Bitcoin, several other cryptocurrencies also experienced a rise in price. Particularly worthy of note are Ethereum and Ripple.
Ethereum has been making waves this year, too. From Dapps getting bigger and accelerating the DeFi movement to Ethereum 2.0 going into Phase 0 successfully, it is little surprise that it went on a run at this time too.
And as Ethereum and Ripple jumped on the upwards wagon with Bitcoin the last time it reached an All-Time High, this time was no different. Ethereum reached the $635.16 on Monday and Ripple, while it went as high as $0.768 last Tuesday, as not strayed so far down since then.
Did Christmas come early this year? Or this is the new reality with crypto gaining more ground worldwide? Whichever it is, trends show that the future is going to be interesting for crypto and we are excited to see it.