That's right - in Bitcoin's entire lifespan it had only spent 20 days above $15,000 - until now.
Those days all fell between from Mid December 2017 and ended early January 2018 - a time period that includes Bitcoin's all time high when it briefly broke the $20,000 level.
But the market is VERY different now than it was back then.
What We Are NOT Seeing Signs Of...
As we all know, that epic rise was followed by a massive decline that brought Bitcoin down to the $3000s by the end of that year.
But this time, there's billions in institutional investments justifying the price. We also know many of those institutions have publicly stated their hopes for Bitcoin go beyond $20,000.
While last time it hit $20k a large portion if the market was made up of young investors somewhat shocked at the amount of wealth they were sitting on. They held on as long as the price kept rising, and had no problem selling once things took a downturn.
How Today's Market Would React...
I do not anticipate current investors feeling pressured to cash out if they see something like a dip from $20k to $19k- they're much more likely to hold believing it will recover and continue to soar to new highs.
We've seen the volatility reach about $2000 in either directional, while a slow steady climb happens simultaneously inching up the base number. All signs show that continuing.
There's still one announcement after another regarding large investments, or moves that make crypto more accessible to the public.
For example, today it was popular stock trading app Webull announcing the addition of crypto.
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Author: Mark Pippen
London News Desk
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