Bitcoin is starting to get to it’s all time high, surpassing prices not seen since three years ago in 2017. Today the censorship resistant coin BTC passed $18,600 on most exchanges, and hit just under $19K on LakeBTC exchange.
With the 20-day SMA completely blown out of the water, Bitcoin is poised to breach $19K and soon to hit $20K per BTC. It’s been a tough battle past $17K, with every new challenge being hit with lots of buy and sell volume, with Bitcoin sitting around mid-$18K all day long. Binance has the most BTC volume, with Huobi, HitBTC, and Coinbase closely following in exchange market share volume.
So what’s driving this huge spike? We’ve talked about this before, with many factors going into this bull run. Not much has changed since then however we seem to be entering the FOMO stage, where all the initial driving forces have entered the market (institutional investors, new entrants, etc). But now with people who were on the fence before, are now trying to get in before the top hits, which if $20K was the top three years ago, and if Bitcoin can keep chugging along, we could be looking upwards of $22K to $25K before we see any steep corrections.
Ethereum, DeFi, Altcoins are pumping
It took some time but we are seeing the first signs of altcoins starting their surge. DeFi coins are all up signficantly, including LINK, DOT, UNI, COMP, and a few others.
Etheruem is just starting to break out, pushing past $500. If Ethereum keeps going, we can see prices going way up possibly hitting $1000 before year end. Also on the horizon for Ethereum is ETH 2.0, which is scheduled to launch in early 2021, which if successful, and given the current climate, could push ETH to new highs as well.