It’s always nice to start things off with good news, and today, the price of bitcoin has incurred another heavy surge that’s causing many traders and analysts alike to regain hope that 2020 will end on a high note.
Bitcoin Gets Back on Track
As of late, the world’s number one cryptocurrency by market cap has been suffering. The asset lost more than $1,000 off its price over the past week, dropping from around $19,000 per unit to about $17,900. Things weren’t looking great and many felt that bitcoin was no longer likely to hit the $20,000 goal that so many industry experts had set their sights on.
But at the time of writing, bitcoin has added almost $1,000 to its price, and one unit is now trading for around $18,800. This is a huge jump for a single 24-hour period, and hope is once again riding on bitcoin striking the $20,000 figure before December is over.
This month has been something of a back-and-forth game for bitcoin. The currency initially broke its price record first set in the final month of 2017. At that time, bitcoin was trading well above the $19,000 range. This month, the currency struck a figure that was roughly $400 higher, thereby beating out its old mark. Many felt that the currency would strike $20,000 within a few days, though the initial spike proved too much too fast, and the asset fell back down into the low $19,000 range shortly after.
The currency hung in this space for some time before eventually making its way back into $18,000 territory, where it remained for a few days. From there, the drop into the high $17,000 range occurred, bringing people’s confidence in bitcoin down temporarily.
Now that things are once again returning to form for the king of crypto, we are reminded for the umpteenth time this year that bitcoin is growing more resilient and mature than ever. The currency has encountered a few small drops here and there, but always makes its way back to the top of the financial ladder. This run is clearly not the same run of three years ago. Bitcoin is stronger than it’s ever been, and we need to recognize that before we really put a dent in the asset’s future.
Resilience Is Growing
Had the coronavirus happened five years ago, it’s probably safe to say that bitcoin would have taken an extremely long time to recover, had it recovered at all. This year, however, bitcoin was knocked back for a period of roughly two months before returning to $9,000 in May. It eventually hit five-figure territory again in July, and except for a somewhat bearish September – in which bitcoin never fell below $10,000 – the currency has been enjoying a steady surge ever since.
There is a reason why so many people now view bitcoin as a powerful hedge tool. Perhaps we should join the ranks and maintain full confidence in the asset.
