Bitcoin price hit a new yearly high of $15,750

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Bitcoin Price Reasons to be on the Edge of Another Uptrend - Finance Brokerage

Bitcoin price hit a new yearly high of $15,750

In the past 24 hours, the price of Bitcoin (BTC) surged more than 10%, surpassing the $15,000 level for the first time since January 2018. It reached a new annual high of $15,750.

The BTC/USD pair briefly climbed to $15,750 before dropping to $15,500. According to Messari, cryptocurrency analytics platform, Bitcoin has now spent more than 20 days above the $15,000 barrier and 19 days above $15,109. This represents approximately 0.4% of the life of the crypto asset since it was created in 2009.

In response to the recent price movement, Barry Silbert, Grayscale CEO, said that people would never say that Bitcoin is dead again.

Bitcoin’s bullish behaviour comes amid the latest news that the United States Department of Justice will seize more than $1 billion worth of Bitcoin from an unknown hacker who managed to access a Silk Road wallet.

An anonymous cryptocurrency user moved more than 69,370 BTC, roughly $1.08 billion at current market price. Since mid-2015, it was the first time someone has moved assets associated with the darknet market.

Volatility in cryptocurrencies market is expected until the final results of US elections are revealed

US presidential candidate, Joe Biden is just six electoral votes away from victory. Wisconsin and Michigan are, after Arizona, the second and third states that Biden snatches from the president of the United States, Donald Trump, concerning the results of 2016. Although the Democrat has everything in his favour, he has yet to confirm his victory in at least one of the four key states in which the scrutiny continues. Officials are still counting votes in Georgia, Pennsylvania, North Carolina, and Nevada. Many industry experts predict continued volatility in cryptocurrencies and the stock market until a winner is determined. 

BTC’s market capitalization will be $1 trillion by 2022

According to Adam Back, CEO of Blockstream, the fact that Bitcoin reaches a market capitalization of $1 trillion by 2025 is conservative. These levels should be reached in less than two years. He presented a new perspective bullish price BTC on October 5. 

As of October 2020, the market capitalization of Bitcoin is just over $198 billion. For Back’s forecast to come true, the market would need to see a 400% increase by 2022.

For reference, as of early October 2018, two years ago, the figure was $114 billion. The BTC/USD pair was trading at $6,600, two months before its bear market hit bottom at $3,100.

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