Bitcoin has been consolidating above the $ 10,000 mark in a way that has not been seen before. The only question in mind is: how long will this continue like this?
Bitcoin Sets A New Record With 63 Days At Over $ 10,000
The previous record of 62 days was seen between December 2017 and January 2018. In this range, Bitcoin also shows signs of stability compared to previous price fluctuations.
Bitcoin strengthened its position after hitting the $ 10,721 level yesterday, experiencing its longest days at over $ 10,000. The current price of the cryptocurrency that seems to continue this run is $ 10,760.
The last time Bitcoin held that much above the $ 10,000 mark was at the end of 2017 and it took 62 days. Two years later, the cryptocurrency tried to retry it, but it only managed 28 days. Now, Bitcoin has held its level for 63 days and we can safely say that this is a record.
Today’s Record-Breaking Run
The cryptocurrency opened and closed for 63 days between July 28, 2020 and today, with a price of over $ 10,000. Even though the cryptocurrency went below $ 10,000 for a short time during this period, it never started or closed below $ 10,000.
During this time, the price of Bitcoin has occasionally risen above $ 12,000.
However, it occasionally fell below the $ 10,000 mark for a short time. The lowest price during this period was $ 9,916 seen on September 7, 2020. There was a 20% drop in the price of bitcoin.
Bitcoin’s fluctuations are also more stable this time. In one of the previous transactions, the price of Bitcoin was so volatile that it fluctuated by 53%. However, this time this rate was only 20%.
The previous record of 62 days was two years ago between December 1, 2017 and January 31, 2018. During this record, Bitcoin saw its highest ever price of $ 20,089 according to CoinMarketCap.
Institutional Investor Impact
Even though the cryptocurrency is still lower than 2017’s highest level of $ 20,000, Bitcoin is proving it can maintain its stable investment appeal.
One of the reasons for this is the cryptocurrency’s ability to attract institutional investors. According to Deane, MicroStrategy CEO Michael Saylor described Bitcoin as “digital gold”. He added that the cryptocurrency is “a reliable store of value and an attractive investment asset with the potential for long-term value gain rather than holding cash.”
Additionally, Bitcoin can take advantage of steps that expand the cryptocurrency industry more generally. Last week, US central bank regulators allowed national banks to support fixed currencies. In addition, the cryptocurrency exchange Bitfinex announced its permanent contracts yesterday, which tracks the stock market indices in Europe.