Bitcoin’s “parabolic rally” continued on Tuesday (November 24), taking the BTC above the $19,000 level for the first time since 19 December 2017.
According to data from CryptoCompare, around 10:00 UTC on Tuesday (November 24), the Bitcoin price surged past $19,000 on its way to an intraday high of $19,095.
The last time Bitcoin was trading at this level was on 19 December 2017. During Bitcoin’s impressive bull run, which started on October 1, the BTC price from gone from $10,779 to $19,135 (where it is trading as of 12:25 UTC on November 24), i.e. a gain of 77.52% vs USD in just 55 days. Furthermore, since the start of 2020, BTC-USD is up 163.44%.
The Bitcoin price is now just 3.84% from the all-time high (ATH), which was reached on 17 December 2017, which is probably why many Bitcoin HODlers would not be surprised if Bitcoin sets a new ATH today:
Interestingly, retail investors seem to have finally woken up and taken notice of the crazy gains in the cryptocurrency markets. Perhaps, this is why earlier today CNA, an English language TV news channel based in Singapore, was talking about the current “cryptocurrency craze” and displaying prices for Ethereum (ETH) and XRP.
Although CNBC has been talking about Bitcoin throughout this year, it was not until yesterday when Bitcoin managed to get featured on the cover of the Wall Street Journal (WSJ), which is probably also helping to boost the FOMO that is partly responsible for the current price rally:
Here is a small extract from the WSJ article:
“The rally has attracted a wide cast of characters, from the Wall Street billionaires Paul Tudor Jones and Stanley Druckenmiller to momentum investors who aim to ride winning assets higher and losing markets lower.
“Their participation, in turn, has fueled more buying, which mirrors a similar dynamic playing out in stocks such as Tesla Inc., which investors keep pushing higher with little regard for fundamentals. As in 2017, when bitcoin became a cultural phenomenon, much of the hype has traveled by word-of-mouth.
“Lately, bitcoin has even been a winning topic on sports radio. Gregg Giannotti, co-host of the “Boomer & Gio” morning sports-talk radio show on WFAN in New York, has been talking up the cryptocurrency on the air after investing $10,000 earlier this month.”
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.