Bitcoin Moves Past $17,000 as the Bull-Run Continues

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Despite the Covid-19 pandemic, bitcoin has resisted economic shocks and strengthened its value in the last quarter of 2020.

A similar bull run was experienced in 2018 when bitcoin closed the $20,000 mark. The rise of bitcoin past the $17,000 saw its market capitalization to over $315 billion, just a small percentage shy of its $335 billion record.

Since March 2020, when its price crashed 50%, Bitcoin has surged by more than 330%. Alternative coins are also strengthening alongside BTC with Ethereum trading at $465. Other gainers include Ripple, Litecoin, BTC Gold, Tether, and Dogecoin.

Despite the strong performance of the BTC, which is highly fueled by North American buyers, exchange trading volumes remain relatively unimpressive. The price of BTC/USD monthly volume at Coinbase, one of the leading exchanges, has remained stagnant since June.

Many analysts view bitcoin’s surge as a pump and dump scenario following Citibank’s announcement that bitcoin could gain value could pass the $300K mark by December 2021.

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About Author

Anthony Kiratu is the Founder of Finsolutions. He is a financial analyst with over 5 years experience in research, investment advisory, valuation and financial modelling. Anthony is a member of the Institute of Certified Investment and Financial Analysts and Institute of Certified Public Accountants of Kenya. He is passionate about development of African Capital Markets through training of investors and dissemination of information for sound financial and investment decision making process. He is also a part-time lecturer in the Certified Investment and Financial Analyst course in the subjects of International Finance, Portfolio Management, Equity Investment Analysis, and Fixed Income Securities. Email: anthony@finsolutions.co.ke Contact: +254 780216631

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