(Photo : Bitcoin Holds the Longest Streak of the Year, Continues to Crawl Towards $13,000)
The crypto markets have been witnessing some drastic trends lately. We have seen Bitcoin show its other side all summer before it took to the chase once more and reached the best 2020 high. The cryptocurrency world has seen strong gains a few days back following PayPal's announcement of supporting digital currencies. This happened last Wednesday, following the secure and trusted payment system catching all its users off guard. Having shared plans about enabling crypto transactions on the platform, the company ended up hiking Bitcoin price points rather dramatically.
While this article was being published, 7,000+ digital assets had gained around 5.6%, marking its way up to $377 billion. This happened while afternoon sessions were in progress for traders. The current state of affairs count for all the hype and talk in the crypto world. However, if we were to take a look at recent events, we can see a lot beyond the surface.
The markets for digital currency have rampantly increased within a day. This can be seen with crypto market capitalization reaching an aggregate of $399 billion. The price of bitcoin reached another high earlier this week. This happened soon after Paypal's revelation of supporting cryptocurrency that came about during one of the morning session for traders.
Bitcoin seems to have gained 7% in the last week. The price now seems to be closer to the $13,000 mark per coin. If we evaluate the dynamics of the last month, we see that it is up 21.5% and about 76% when we talk about year-to-date. Bitcoin is currently hitting the $12,839 mark per unit. That is quite an interesting number considering its performance all summer this year. The return of Bitcoin along with it chasing the $13k mark has given crypto enthusiasts a sigh of relief.
Ethereum seems to be right behind Bitcoin at a 6.9% gain. This happened last week alongside Bitcoin and currently, the coin sticks to a trading value of $397 per unit. Next in the line are tether and XRP. It seems to be a long chain of crypto dominance making its way to traders across the world. This seems to be a good development when it comes to crypto acceptance around the world. Such a rise coupled with Paypal's new initiative is likely to bring in more crypto believers over the next year.
To know in detail kindly visit the Bitcoin Evolution.
Bitcoin Cash follows all the other cryptocurrencies discussed so far and settles for the fifth-largest market cap. Its market showed a gain of 7.1% on Wednesday. It is now trading for $261 per coin. This means it is up 22% if we take a look at the last month and 26.8% looking at the last year.
When it comes to Bitcoin and the crypto market, there is no absolute certainty which way the markets will progress. However, Bitcoin seems to be reaching towards a key macro level. The price of Bitcoin is higher than it was in August. It is also approaching the all-time high of last year and this year.
Earlier on June 26, last year, bitcoin's ATH touched $13,796 per coin. This means that at today's price at above $12,800 per coin, Bitcoin needs to gain more than 7.5% to be able to surpass the June all-time high that hit the market. This seems to be quite a challenge. However, there is a certain sense of hope that this can certainly be reached. The deduction has been laid down by experts after carefully studying the recent market dynamics of the cryptocurrency. Nevertheless, it is too early to predict what exactly will follow.
Crypto proponents around the world are attributing Wednesday's bullishness directly to the news that came through PayPal. However, several firms are also joining bitcointreasuries.org. To add to the news, traders who are eying bitcoin future and options markets coupled with bitcoin options are now prepping for huge moves soon in the future.
Other than bitcoin addition nearing the $13,000 zone, the real news is that the wonderful cryptocurrency has managed to stay above $10k for 87 days straight. This leads us to a realization we have all been postponing. Any ideas? Yes, the 62 day run in 2017 has successfully been broken. Bitcoin has now achieved an all-new longest streak.
