The Bitcoin course seems tireless.
After the crypto currency BTC fell in the context of the massive corrections in March of this year on 3,500 dollar, Bitcoin notes up-to-date with 15.200$ and stands thus directly for the first time for several years over 15.000 USD. However, other large-cap crypto currencies such as Binance Coin (BNB) and Chainlink (LINK) have had to struggle with sell-offs in the past 7 days. In the 24h view, however, LINK and Litecoin (LTC) are the winners of the hour alongside Bitcoin.
In this article we look at the current situation on the market and the development of the Bitcoin price.
Bitcoin price with strong momentum
I already mentioned it in the introduction: Since the year’s low of about $3,500 the Bitcoin share price has more than quadrupled in about 8 months. At the current time the crypto currency notes with 145.200 US Dollar.
The following chart shows the development in the last 30 days and underlines the positive and bullish momentum, which underlies the largest crypto currency by market capitalization.
Bitcoin price development 30 days
It is clear that the current US elections in 2020 have also brought renewed volatility to the market. With a price jump of around 10% in the last 24 hours, the Bitcoin price increased by almost 1300 dollars – measured in absolute figures.
In a Forbes interview, trader and analyst John Kramer commented on the current BTC price:
Bitcoin has recovered from the very short term post selection drop and is again above $14,000. Even though we do not yet know what will come after the election, many investors – depending on the election winner – expect a large stimulus package. This should further benefit Bitcoin and its limited supply.
Again, the narrative of Bitcoin as Digital Gold is clear with a limited number of BTCs at 21,000,000. The numerous measures taken this year to stimulate the economy and the associated keyword „quantitative easing“ favor BTC.
The crypto currency is backed by many large companies that are now also investing in Bitcoin in order to profitably invest part of their dollar reserves.
Bitcoin dominates large-cap crypto currencies
Even though other top ten crypto currencies show green figures in the last 24 hours, we see a different perspective on the 7-day view.
While Bitcoin shows double digit increases in the last 7 days, we see almost exclusively red numbers in the other major crypto currencies.
Bitcoin course and Top 10 crypto currencies
Especially Bitcoin Cash (BCH), Chainlink (LINK) and Binance Coin (BNB) were affected by last week’s sales. The just mentioned crypto currencies show relatively high losses of 6.28, 4.45 and 7.89 percent. Despite the current good 24-hour performance, the above-mentioned crypto currencies are in the red in the 7-day trend.
Parallel to this, the Bitcoin dominance rises again and underlines the current leading position of Bitcoin. The high Bitcoin price is thus the result of many factors.