Bitcoin Price Reaches All-Time High of $45,473
The current Bitcoin bull run is becoming the most massive run in the history of the world’s leading cryptocurrency, leading it to an overnight high of $45,473 according to CoinGecko.com. The overall market capitalization of Bitcoin at the time of this writing now stands at a whopping $815 billion thanks to $85 billion worth of trading volume over the last 24 hours.
Why the Bitcoin Price Keeps Reaching Higher and Higher
Bitcoin’s massive price increase (ever since the coronavirus pandemic grabbed hold of the world back in March) is clearly due to the fact that money is being overprinted by governments and investors are looking for a safe haven asset to invest in. Bitcoin shares many of the characteristics of precious metals like gold and silver. These are things we’ve covered many times in the past here at Netcoins and it’s clear as day now that investors agree cryptocurrencies are maturing into safe haven assets themselves.
What’s happening now is clearly a fundamental shift in the way banks, corporations, governments and individual investors like you and I view Bitcoin. And so, the question becomes, when exactly will this current Bull Run come to a screeching halt?
When the Current Bitcoin Bull Run Will End
Just two weeks before Christmas day, the price of Bitcoin stood at $22,500, meaning that it has doubled in price in less than a month. Surely the party has to end sooner or later. The good news for investors is, although a large pullback is highly likely to hit investors in the face at some point, even a 30% to 40% pullback still represents a large gain for people who purchased Bitcoin as a Christmas gift either to themselves or someone else.
Not to get too technical but here’s one thing to keep in mind. When the end of a parabolic move up in the price of Bitcoin reached its peak, the final moments of the run tended to exhibit the strongest moves. Right now, if you look at any short-term Bitcoin price chart, you’ll notice the green candles are pointed straight up, and we’ve seen a greater than 10% move at one point in the last 24 hours.
This isn’t going to keep happening every day. Just remember that whether you’re still in the profit or not whenever the next price correction happens, HODLing is the best thing you can do during a decentralized financial revolution. Keep in mind. We are still only in the very beginning stages of that.
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Written by: Jack Choros
Writer, content marketing at Netcoins.