The headline this morning has to be Bitcoin.
After 20% gains last week, the cryptocurrency is up again to crest $19,000.
This puts Bitcoin values near their all-time high of $20,000 in the Christmas season of 2018. Could we get another such Christmas gift in 2020?
Today, we have more reporting from Coindesk showing investors ebullient about Bitcoin’s staying power in comparison to gold and other precious metals.
Rick Rieder at Blackrock’s quote about “passing gold bars around” conjures interesting images of diners at a metaphorical table, but the underlying idea, the idea that cryptocurrencies are infinitely more versatile than precious metals, resonates with a lot of traders who want both liquidity and big gains.
In other commentary, eToro’s Guy Hirsch talks about how Bitcoin has been largely untethered from the idea of the historical Dutch “tulip mania” which was often cited in early criticism of the cryptocurrency’s market worth (mostly at the beginning when Bitcoins were worth hundreds, not thousands, of dollars each.)
“Tulips never had a second wave of buying the same way bitcoin has,” Hirsch points out.
Over at Cointelegraph, William Suberg writes about analyst responses.
“Against a backdrop of rapid gains and the temptation of breaking all-time highs around $20,000, the achievement has not gone unnoticed on Bitcoin figures,” Suberg writes, looking at past projections around BTC price changes, noting Bitcoin’s “second-best day ever” as something that might be an emerging turning point for Bitcoin markets. “Bitcoin has gained more in U.S. dollar terms than any month in its history, data shows. …
The largest cryptocurrency continued to climb on Tuesday after retesting $18,000, adding over $1,300 to its U.S. dollar price in under 24 hours.”
Following the chatter on exchanges, including those offering new crypto derivates plays, you can see a lot of bullish sentiment. Do your own research, and make your own projections.
