Bitcoin Price Review: Week 49–2020

Bitcoin reaches new all time highs.

Bitcoin Binge

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The wild winter for bitcoin continues into week 49 of 2020. Bitcoin, the world’s largest cryptocurrency, touched a new all time high on Monday, November 30 of $19,786.24.

As of writing, the price of bitcoin is $19,488.

  • Bitcoin is up roughly 8% in the last 24 hours
  • Bitcoin is up about 6% in the last week
  • Bitcoin is up almost 42% in the last month

Bitcoin Bounces Back

The price of bitcoin jumped over the weekend, reaching a new all time high of $19,786.24. It broke the previous record set nearly three years ago in December 2017.

Institutional and Retail Impact Is Real

The price rally continues on the back of increased institutional and retail interest. We wrote about both the impact of more institutional custodial holdings via exchanges such as Coinbase and the role that PayPal and Square are playing as they gobble up crypto.

Retail purchases on PayPal and Square have created an even more limited supply of newly minted bitcoins. There is less crypto to go around. That means the laws of supply and demand are at work, driving prices higher.

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New, Higher Price Predictions

While the current rally is interesting to watch, some are looking beyond the next month and into 2021. Hong Fang, CEO at OKCoin, makes the case for a $100,000 bitcoin in the next 12 months.

We’ve seen previous 2021 price predictions of $100,000 from models such as bitcoin stock-to-flow. The OKCoin CEO’s price target, however, is one of a growing number of predictions taking into account a more…

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