cryptoglobe.com
According to data from CryptoCompare, around 16:05 UCT on Friday (November 20), the Bitcoin price broke through the $18,800 level for the first time since December 2017.
Between 13:30 UTC and 16:10 UTC, the Bitcoin price surged from a low of $18,157 to a high of $18,814, i.e. it went up 3.6% in just 2 hours and 40 minutes.
This is how Sam Trabucco, quantitative crypto trader at Alameda Research, explained on Thursday (November 19) Bitcoin’s recent price action:
So, first off, why “up”? There’s been a lot of discourse about this — some reasons for BTC to go up I’ve seen postulated include lots of institutional buying, increased adoption, “whales,” outflows from faddish products back into BTC, influence from other markets, etc.
— Sam Trabucco (@AlamedaTrabucco) November 18, 2020
Look carefully at the graph for the past few days — BTC isn’t sort of zig-zagging, going up a bit, down a bit, up a good amount, down a bit, up a bit, up a bit more, down a bit, up a bit, etc. No — it’s going up a LOT (for hours), then down a LOT, then up a LOT. pic.twitter.com/EJS1vIJqxM
— Sam Trabucco (@AlamedaTrabucco) November 18, 2020
Crypto analytics firm The Tie says:
Mainstream media mentions of #Bitcoin are at a 12 month high and growing fast pic.twitter.com/fVkMXVLWbF
— The TIE (@TheTIEIO) November 20, 2020
Featured Image by “SnapLaunch” via Pixabay.com
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.