Bitcoin Surges, Adds $ 900 to its Price in a Single Day

It’s always nice to start things off with good news, and today, the price of bitcoin has led to another heavy surge that is causing many traders and analysts alike to regain hope that 2020 will end on a high note.

Bitcoin Gets Back on the 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 about $ 19,000 per unit to about $ 17,900. Things didn’t look great and many felt that bitcoin was no longer likely to reach the $ 20,000 goal that so many industry experts had set its sights on.

But at the time of writing, bitcoin has added nearly $ 1,000 to its price, and one unit is now trading for around $ 18,800. This is a huge leap for one 24-hour period, and the prospect is once again riding bitcoin hitting the $ 20,000 figure before December is over.

This month has been a back and forth game for bitcoin. The currency initially broke its first set price record in late 2017. At that time, bitcoin was trading well above the $ 19,000 range. This month, the currency hit a figure that was about $ 400 higher, thereby beating its old mark. Many felt that the currency would hit $ 20,000 within a few days, although the initial spiral had been too fast, and the asset fell back down to the low $ 19,000 range shortly thereafter. .

The currency hung in this space for some time before eventually making its way back to $ 18,000 territory, where it remained for a few days. From there, the drop occurred to the high $ 17,000 range, temporarily bringing down people’s confidence in bitcoin.

Now that things are returning once again to form for the king of crypto, we are reminded for the seventeenth time this year that bitcoin is growing more resilient and mature than ever. The currency has come across a few small drops here and there, but it always makes its way back to the top of the financial ladder. This run is clearly not the same as it was three years ago. Bitcoin is stronger than it’s ever been, and we need to recognize that before we can dent in the asset’s future.

Resilience is Growing

If the coronavirus had happened five years ago, it’s probably safe to say that bitcoin would have taken a very long time to recover, if it had recovered at all. This year, however, bitcoin hit back for a roughly two-month period before returning to $ 9,000 in May. Eventually, five-figure territory hit again in July, except for a rather bearish September – in which bitcoin ever has fallen below $ 10,000 – the currency has been enjoying a steady surge ever since.

There is a reason why so many people now regard bitcoin as a powerful hedging tool. Maybe we should join the ranks and maintain full confidence in the asset.

Tags: bitcoin, bitcoin price, coronavirus