Bitcoin has surged to its highest price ever! The year to date return is currently above 185%. The rise can be attributed to a multitude of factors, but the fact the Federal Reserve is printing more US dollars than ever seems a good starting point.
Bitcoin recently soared to a record $19,920, three years after the previous record was set. Over the course of 2020 the leading cryptocurrency has risen by more than 170%, and North American investors appear to be the big winners, as net inflows show a massive movement of BTC from East Asia to North America.
In recent week's Bitcoin has managed to surpass the Bank of America's market cap. New data has revealed that BTC currently has a market cap just over $226 Billion, following a meteoric rise over the past fortnight. Meanwhile the bank of America has seen its own market cap fall to $224.4 Billion.
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XRP is set to trade even lower as the cryptocurrency begins to display a bearish pattern. Down 1% over the previous 24 hours, despite a rally by Bitcoin - such an underperformance could increase pressure on XRP, as analysts are now targeting $0.25 for the altcoin, 10% below the current price.
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According to US congressman Tom Emmer, Bitcoin's decentralisation is its main advantage over fiat currencies. He claimed the the pandemic similarly to the 2008 financial crisis is leading people to search for alternatives to the existing systems. Adding that centralized monetary systems are only good for small groups of people who are in charge of money allocation.
Ethereum has broken above $340, and now ranks among the best performers this year, gaining on Bitcoin for more than two months. In the last 24 hours Ethereum pumped by more than eight percent, pushing market capitalization over $38 billion, which is its highest value since June 2019.
Bitcoin similarly to Gold is experiencing a surge in price, the leading cryptocurrency smashed the $11,000 resistance before correcting to below $10,850. The bulls appear to be resting for now, but this is the first time this level has been tested in almost a year, with $12,000 becoming the new psychological barrier.
U.S. regulators appear set to approve banks holding cryptocurrencies for American citizens. The statement from The U.S. Office of the Comptroller of the Currency (OCC) comes as Senate hearings on “digital dollars” are being conducted and China’s digital yuan is challenging the U.S. dollar’s dominance.
Somewhat ironically one of Cryptocurrencies fiercest opponents U.S. President Donald Trump could be the catalyst behind a forthcoming Bullish price run, as increased cash liquidity significantly reduces selling pressure on the Bitcoin market. With Mr. Trump viewing Wall Street as a measure of his success, it's possible he could try to impress voters by keeping sentiment higher through the injection of more cash into the U.S. economy.
A new report has suggested that European regulations have benefitted institutional investors from across the continent, who hold double the quantity of Bitcoin than their American counterparts, this is likely due to the ease of access within the European Union.