Bitcoin (BTC) rally continues as the price surged from USD 17,000 to USD 18,000 in less than a day.
The prominent cryptocurrency briefly touched USD 18,020 on 04:00 UTC before correcting lower and then rallying again. At the time of writing (04:24 UTC), BTC trades at USD 18,184 and is up by 9% in a day and 18% in a week. The price rallied by 54% in a month and 114% in a year.
The last time BTC was above the USD 18,000 level is December 2017.
BTC needs to move up by almost 11% to reach its all-time high of USD 20,000.
BTC price chart:
Meantime, the alts from the top 10 by market capitalization are also in green. Etherereum (ETH) is up by 6% to USD 493, chainlink (LINK) rallied by almost 11%, while other coins advanced by 2%-6%.
Antoni Trenchev, Co-Founder and Managing Partner of primary crypto lender Nexo (NEXO), mentioned in an emailed comment:
“Although hard to predict, the potential for the price of Bitcoin to keep moving upwards is evident, we could well see it imminently top the USD 20,00 mark it reached a few years ago,”
As stated by Tenchev, several new developments have unquestionably impacted institutional ventures by the likes of MicroStrategy and Square, PayPal actively shilling crypto, and the Bitcoin halving in May.
Trencheve added that,
“It is also worth pointing out that Bitcoin’s achievement is not temporary: the one-year HODL wave, which exposes how many investors hold BTC for over a year, is at an all-time high. What makes this account all the more worth it is the positive spillover we are experiencing into other areas of the crypto market, such as DeFi.”
Meanwhile, Catherine Coley, CEO of Binance.US, told Bloomberg that spot buyers are driving BTC back to the hype-fueled 2017 highs:
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