Bitcoin has come extremely close to reaching its all-time high yet again. The currency is presently trading for well over $19,000 again, a price it first reached about a week ago today. At the time of writing, one unit of bitcoin is worth just under $19,400.
Bitcoin Is Once Again Reaching for the Stars
As we all remember, bitcoin first jumped to the moon back in late December of 2017. The currency rose all the way to nearly $20,000 per unit, and many analysts believe that the same scenario is likely to occur this year as well. There was some concern recently as the asset experienced a massive drop that saw it trading in the low $17,000 range just a few days ago.
This was a $2,000 drop from where it had been previously, but as we recently saw, the currency has begun to make its way back to the top of the financial ladder with intermittent spikes here and there that initially took it to $17,800 within a day or two of that main dip and then $18,200.
Today marks a more than $1,000 jump for the world’s number one cryptocurrency by market cap. What’s even more impressive is that it looks like bitcoin ultimately spiked even further, coming within inches of its all-time high and jumping to the $19,800 mark early this morning. However, now it looks like the currency may have pulled back a bit.
Still, the jumps have gotten everyone excited about where bitcoin could potentially go in the coming weeks and months. While nobody can say for sure, industry experts everywhere believe that traders have a newfound love for bitcoin that isn’t going to die down anytime soon.
Michael Sonnenshein – managing director of the cryptocurrency firm Grayscale – commented in a recent interview:
It’s super difficult to predict where the bitcoin craze is going, but if our inflows at Grayscale are any indication of the types of investors that are interested in this asset class or the sizes of allocations being made, we’re just getting started.
What’s Pushing It So Far?
The big clincher this year for bitcoin is that it has garnered all kinds of newfound respect not just from individuals, but from institutions as well. Companies such as MicroStrategy and Square have invested millions of dollars in the world’s primary cryptocurrency as its reputation as a strictly speculative asset has been shed during these harsh economic times. Now, it appears bitcoin is being viewed primarily as a store of value – something that can hedge one’s wealth and keep them safe during times of inflation and other monetary strife.
Furthermore, PayPal – the world’s largest digital payment platform – has also given customers the opportunity to purchase digital currencies and use them to gain access to both goods and services.