On Tuesday, the most popular cryptocurrency, bitcoin (BTC), surpassed the USD 19,000 level for the first time since December 2017, while altcoins corrected lower.
At pixel time (10:09 UTC), BTC trades at USD 19,055 and is up by 2% in a day and 14.5% in a week. The price rallied by 45% in a month and 178% in a year.
At the same time, other coins from the top 10 club dropped by 2%-8% in the past hour, trimming their strong gains earlier today.
“You suddenly have this nearly perfect backdrop that is not only lending validity to the asset class, but is also really demonstrating its staying power,” Michael Sonnenshein, managing director at Grayscale Investments, which operates the largest exchange-traded crypto trust, recently told Bloomberg. According to him, it’s “once again showing investors no matter how many times it gets challenged, that it has a way of emerging almost stronger or demonstrating its ability to be really, really resilient.”
However, Edward Moya, a senior market analyst at Oanda, is skeptical this run can keep going.
“Today’s outlandish calls seem primarily based on momentum mania. I doubt institutional traders will allow Bitcoin to only go in one direction,” he told Bloomberg.
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Reactions:
@crypto_rand There is still some more fuel to do it really. Last push to fill that crazy black-hole gap on USDT.D (… https://t.co/vXUftmVvrQ
— Coingilla (@coingilla)
If bitcoin goes for a run to ATH you do not want to be overexposed with altcoins.
— yTedd (@TeddyCleps)
Bitcoin just hit its highest mark in 3 years. Recent watershed moments < PayPal, Square, Paul Tudor Jones, MicroStr… https://t.co/lxksesQlMe
— Ronnie Moas | Nomad | Stocks | BTC | Charity (@RonnieMoas)
Would make most sense to dip after ATH gets swept as you get an influx on new buyers when highs get broken so they’… https://t.co/jCFkqy82zz
— Nik Patel (@cointradernik)
this basically tells me that the bulk of the rally is attributable to buyers that only operate M-F 9 to 5 western b… https://t.co/nhXtbp2SM0
— nic carter (@nic__carter)
I’ve been up since 2am trading crypto. Haven’t touched $BTC. Im HODLing there. Can’t tell if the alt squeeze is… https://t.co/4UphLxyBR2
— Mike Novogratz (@novogratz)
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Learn more:
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3.4m Bitcoin Available As BlackRock’s CIO Says BTC to Replace Gold
New Bitcoin Narrative Targets Multitrillion Bond Market
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