The long wait is finally over. After three years of grinding through various price levels, Bitcoin finally broke the all-time high value it had set all the way back in 2017.
Bitcoin ATH: An Exciting Journey Since 2017
Following three long years of waiting, bitcoin has just managed to surpass its previous all-time high set in December 2017 ($19,660 on Bitstamp).
Those three years were filled with everything imaginable. Bitcoin went through a prolonged bear market in 2018, which saw many experts proclaiming it dead more than once. It’s worth noting that it was the entire cryptocurrency market that suffered back then. Altcoins were reduced to bleak shadows of their former highs, most of them losing 90% and more of their dollar value.
2019 was a year filled with hope. In the summer, Bitcoin went on an impressive rally, which halted somewhere around $14,000 in June. From there, it was all downhill for Bitcoin, which reached a low of around $3,800 in March 2020 following the Coronavirus pandemic.
However, as the whole world is riddled with distress and uncertainty, Bitcoin pulled through as it was nothing but uphill ever since March.
2020: A Glorious Year for Bitcoin So Far
While 2020 is not yet over, Bitcoin is currently charting massive increases, especially if we take the yearly lows as a reference point. Up more than 400% since the COVID19-induced crash in March, the cryptocurrency shows no signs of slowing down.
Of course, we can’t jump to conclusions because if there’s one year where anything can happen, that’s 2020.
Yet, it’s worth noting that this price rally doesn’t seem to be induced by retail interest, as it was back in 2017. Instead, it’s large and institutional investors behind the steering wheel.
As CryptoPotato reported, retail interest is catching up, but it’s far from the all-time high in 2017. The narrative of Bitcoin being used as a strong store of value is only strengthening now that the USD is starting to lose its grounds as a global reserve currency following the trillions being printed as a measure to strengthen the struggling economy amid booming cases of COVID19.
In any case, the daily chart of Bitcoin in 2020 is nothing short of impressive, and it remains to be seen how high the cryptocurrency can go this time around.
Source: Crypto Potato