This week was a roller-coaster ride in the crypto world, especially for bitcoin. It experienced its all-time high of the year 2020, reaching about $19,500, and went on to lose about $3000 in price value in the same week.
Bitcoin started this week off on a great note as it maintained its $18,000 mark since Thursday, Nov 19, growing by 2.73% to reach $18,545.35 within 24 hours. Although it experienced a slight slip to $17,990.11 low, it quickly picked up and grew as high as $18,752.16 on Monday.
Tuesday came with a pleasant surprise and great news when bitcoin reached a new 2020 all-time record at $19,000. The day ended with bitcoin hitting high as $19,218.33. Experts and analysts believed that investment from large companies such as MicroStrategy and Square and support from PayPal were the main reason for the spike in price.
The $19,000 frenzy of bitcoin continued on Wednesday. Bitcoin continued to surge high, gaining about 0.07% within the day.
Thursday came with a rude shock as bitcoin experienced a sharp decline in the early hours of the day. Before noon, bitcoin has fallen as low as $16,327.88, shedding over $2000 in price, the biggest slump since September. Some reasons that might be responsible are Coinbase CEO, Brian Armstrong’s warnings over US regulation, increasing whale activity and short-term resistance.
Image and stats source: Coin Desk
As of Friday, bitcoin price is still below $17,000, although it fluctuated between $17,482.20 high and $16,242.70 low in the last 24 hours. Current price at the time of writing this report is $16,809.39
The trading volume of bitcoin in the last 24 hours is $42.16B. The current market capitalization of bitcoin is $311.90B. Currently, 18,552,912.5 bitcoins are in circulation.