The price of Bitcoin (BTC) has reached a two-year high of more than $19,000 as last week, the digital asset fell to $16,300, this week, Bitcoin hit a new all-time high.
It has been reported by on-chain analytics provider Glassnode that Bitcoin (BTC) mining difficulty increased by 8.9% on November 29 by putting the metric within 5% of its all-time high value set last month.
#Bitcoin mining difficulty increased by 8.9% today. It is now only 4.4% below its ATH. Chart: https://t.co/qtmuDmTfGS pic.twitter.com/1eX63yBAgc — glassnode (@glassnode) November 29, 2020
However, the three cryptocurrency exchanges recorded a new ATH on November 20 that involves Binance, Bitstamp, and Kraken by breaking above $19,798, $19,666, and $19,660.
The report said that BTC has hit a new record with $19,844. With these gains, 100% of Bitcoin’s circulating supply is currently in profit.
Charles Edwards, the founder of Capriole Investments, said:
“In trading, if everyone wants something, it never does. At 19K, everyone was expecting “one more push” to 20K, we dumped 3K instead. At 16K, everyone expected a “deadcat bounce” to 18K then 14K, so we short squeezed to 20K instead.”
Likewise, Bitcoins’ year-to-date performance has risen to 176%.
#Bitcoin Hits a New All-Time High on 3 Exchanges, 100% of ##BTC Holders in Profithttps://t.co/9vPkd1Tflh — ₿EG News – BitcoinExchangeGuide (@bitcoinsguide) November 30, 2020
Trader and economist Alex Kruger commented:
“This is how “institutions are coming” looks like. It’s not just institutions though. It is everyone. Institutions, high net worth individuals, retail, and even some corporates. All at the same time.”
Thus, Bitcoin is just getting started and it has a long way to go.
Source: Bitcoin Exchange Guide