Bitcoin BTC price approaches $17,000
Bitcoin BTC’s price rise continues and is getting closer to the $17,000 level.
The BTC token price which therefore approaches the symbolic figure of 17,000 dollars and especially $20,000 which is its highest reached in the past.
Beyond the announcement of Moderna which declared that its mRNA-1273 vaccine against Coronavirus/Covid19 would be more than 94% effective, the number 1 cryptocurrency on the market is currently benefiting from very positive news.
Institutional investors continue to buy Bitcoin and invest in this new investment asset that could replace gold in the future, as some financial analysts predict.
Grayscale, headed by Barry Silbert, has just exceeded the 500,000 BTC held in its vaults.
Grayscale Bitcoin Trust now holds more than 500,000 $BTC. Yes, you read that right. Learn more about the world's largest #Bitcoin investment product. #GoGrayscale https://t.co/2sEpUdw8iN pic.twitter.com/9h8nGZ8i4t
— Grayscale (@Grayscale) November 16, 2020
The Grayscale investment fund is also heavily endowed with Ethereum (ETH) as well as Litecoin LTC, as we discussed in a recent article.
Test the best crypto trading bots for automatic Bitcoin trading: Click here to learn more.
Bitcoin the new gold
A report intended only for clients of CitiBank, published by Thomas Fitzpatrick, head of the CitiFXTechnicals market analysis product, estimates that the Bitcoin price could reach $300,000 by the end of 2021.
A Citibank report that leaked on twitter.
Citibank bitcoin technical analysis.
Target: Moon. pic.twitter.com/prB1YjVNhX
— Alex (@classicmacro) November 13, 2020
The analyst says he finds similarities between the 1970s gold market and bitcoin.
BTC could thus see its price rise significantly due to certain elements such as the money printing policy by central banks (Quantitative Easing (QE)), economic upheavals linked to the Coronavirus/Covid-19 crisis, and a decoupling of gold from fiat currencies.
“$20,000 Bitcoin is Primary Hurdle Toward $1 Trillion Market Cap.
The digital version of gold but with more-limited supply and a history of adding zeros, appears to be in an early price-discovery stage and may simply continue its ascent in 2021. Mainstream adoption is rising..”
$20,000 #Bitcoin Is Primary Hurdle Toward $1 Trillion Market Cap —
The digital version of #gold but with more-limited supply and a history of adding zeros, appears to be in an early price-discovery stage and may simply continue its ascent in 2021. Mainstream adoption is rising.. pic.twitter.com/m4JSt5G09N
— Mike McGlone (@mikemcglone11) November 16, 2020
We will also recall the statements of billionaire Stanley Druckenmiller who admitted that he also owns Bitcoin, joining Paul Tudor Jones who recommends investing in Bitcoin as a hedge against threatening inflation.
Some altcoins are waking up
If all the spotlight is on King Bitcoin, altcoins are starting to react to this bullish move.
The Litecoin LTC cryptocurrency surged yesterday, quickly rising above $70.
The Ethereum price remains around 460 dollars/390 euros and is having difficulty climbing towards 500 dollars.
Ripple XRP price is finally showing signs of life and exceeds $0.29!
The Yearn Finance (YFI) price is back above $20,000.
The LINK price still under 13 dollars.
The Cardano ADA price at $0.107.
The rest of the altcoin market is benefiting from this uptrend, although many altcoins will likely have to wait for the price of BTC to return to the $20,000 level before seeing renewed interest in alternative cryptocurrencies.