High in Cryptocurrencies – What was the Cause?
What caused bitcoin to reach its current price level? We made a compilation for you to understand this incredible high of the safest asset in the world.
But First, What is Bitcoin?
Bitcoin is a digital currency, decentralized and does not need third parties to function. This means that you are not dependent on banks, large corporations or governments to move your money. With Bitcoin, the money is really yours. It is the most profitable cryptocurrency to mine.
When Did it Start to Grow?
Bitcoin really started to rise after the big drop in markets that took place in March. The crypto-active rebuilt quickly, surpassing the gains of the dollar. A few months later, the first major publicly listed company bought more than $250 million worth of bitcoin and liked it so much that it closed another purchase of another 173 million.
Other companies have jumped on the bandwagon, such as Twitter CEO Square, which bought $50 million worth of bitcoin in October. In the same month, Paypal released buying bitcoin to its US customers, further boosting the market. There is also Cardano cryptocurrency news about amazon accepting cryptocurrency.
In November we saw the entry of giants like Mexico’s second richest man investing 10% of his fortune in BTC, the legendary Stanley Druckenmille manager of a $6 billion fund, famous actors like Maise Williams of GoT and even a report nominating that the cryptocurrency could reach US$318,000 by Citibank.
Bo Williams Does Bitcoin Analysis and says “Sell is Prohibited”
After bitcoin reaches so high and surpassing its historic price, analyst and former partner Bo Williams used his method recognized worldwide to analyze bitcoin, dollar and some altcoins (alternative cryptocurrencies to bitcoin).
Using the Phicube method, Bo defined the next bitcoin target in the dollar pair at $13,521.19. He pointed out that the cryptocurrency was already showing signs of high as shown by the fractals.