Bitcoin Price Smashes through $18,800 Level

Saturday 21 November 2020, 3:19 AM AEST - 1 month ago

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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.

Source: CryptoCompareSource: CryptoCompare

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) Bitcoins recent price action:

So, first off, why up? Theres been a lot of discourse about this — some reasons for BTC to go up Ive 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 isnt 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 — its 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 ...

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