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Bitcon is back to 15K, Nostalgia hits traders from 2017 hype.

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Highlights

    Bitcoin price rises 10% in 24 hour and crosses 15000 USD, an all time high since 2018 January.

    The Bullish ride seems very positive and has support from different aspects that were not in the 2017 rally.

    Tether , YFI and other altcoins and Defi tokens are also on the Bull trip.

How do I say Bitcoin will reach 20K again ?

Bitcoin has shown yet one more time that it is the most destructive and dominant crypto in the entire market. The breath-taking surge of the asset in the last couple of days is remarkable providing you with the vibes of Bitcoin’s 2017 bull run.

At the time of writing, Bitcoin is rallying with a tremendous jump of 8.62% to touch $15,537.23 with a massive 15.49% surge in the past 7 days.

Unlike the 2017 bull run, where-in bitcoin crashed to the rock-bottom levels, this time, it is expected to move on steadily. But why? Here it is,

  1. Bitcoin today is a serious topic that involves a lot of holding crowds from different industries. Every movement of this asset is taken into consideration without being speculative
  1. The traders from 2017 might just not blow away with the hype as it happened previously and they now very well know the behavior
  2. In the previous bull run, it just took a fortnight to run from the rags to the riches. But now, after the March 2020 crash, Bitcoin is showcasing a sense of consistency.
  1. Despite the BTC price recording greatest highs in 2020, the 1-hour chart of Bitcoin shows negligible selling which is a good sign for the bull run to continue.
  1. Discard unwanted buzz in the market which has opened the doors of pure trade. Also, new investors are pretty knowledgeable about the crypto space that does not get carried away with any hype.

Therefore, with the matured mindset and balanced Bitcoin conduct, surpassing $20,000 should not be a difficult task.

Bitcoin rally does effect the altcoins price, surge was seen in some.

Bitcoin is regaining its dominance in the crypto market with 65.33% with an increase of 0.83%. Not only it is showcasing its dominance but also the momentum over the crypto market.

With the Bitcoin bull rally, most of the altcoins which were trending in a very narrow margin, have become very active suddenly. 

In fact, the DeFi market had fumed into ashes. But the trend showcases that the altcoin market and the Defi space have entered their correction phase. Most altcoins have managed to gather a pretty good amount of rebound since Bitcoin price rose to new highs. 

Like the YFI price reached to $10,756.90 which is 14% up in 24 hours.

Also with the release of the ETH 2.0 deposit contract address, Ethereum also gained huge momentum in the market. Currently, Ethereum Price has successfully maintained above $400 and many predict it could soar above $500 very soon.

My honest conclusion

It’s 2020 and we all know how the Crypto has been dominating the finance space from sideway. Bitcoin (BTC) looks more confident and professional that we knew in 2014 and 2018. It’s time that we take this as a serious idea and learn to use the bitcoin in the rightful dimension.

I believe, the rally will continue to above 18K USD and from there it will be a mysterious shot for this asset. It’s also good to see there is a negligible selling ratio and so far that is the best thing that can happen.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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