SpaceX’s Crew-1 spaceship flew 4 astronauts to space yesterday. But it seems the shuttle also dragged the bitcoin and cryptocurrency market along with it. As in what happens to be a revisit of 2017, BTC smashed past the $18,000 price mark pushing the total digital asset market cap north of $500 billion.
The excitement was short-lived, however, as the cryptocurrency took a u-turn and decreased by more than $1,000 moments after touching its intraday high.
Bitcoin Price Blasts Past $18,000 Again After 3 Years, $100,000 Possible
Bitcoin seems ready for the moon mission and may have, in fact, already left the base. The top cryptocurrency just blew past the $18,000 resistance with a 10 percent jump after exactly 3 years.
The entire crypto community was awestruck at this marvelous repeat of a bullish history. Quite a lot of them expressed their disbelief/excitement on Twitter, expecting BTC to chart a higher course post this latest price feat.
woke up to bitcoin ripping through $17k
winding down the day to bitcoin ripping through $18k and on its way to $19k
at this pace, i think $20k before thanksgiving possible
what a time to be alive. i see u fam. we’re gonna make it.#Bitcoin
— Meltem Demirors (@Melt_Dem) November 18, 2020
Dan Tapiero, a reputed macro investor with more than 25 years of experience under his belt, went ahead and remarked that the current bullish bitcoin wave would make 2017 look way too small. He also added that this rally is a result of inherently strong and solid fundamentals instead of shallow speculation.
TradingView based chartist KingThies, in a brief post yesterday, reminded his readers about bitcoin repeating history all over again.
He explicitly called bulls to have a ‘$100,000 BTC at the back of their minds’. It may seem ridiculous to even assume the possibility, but ‘one has to consider the logic on what the next trend high looks like, as we approach the current all-time high of $19.5k’. King commented:
Sure there will be blood in the water by the time it happens, and many will be in disbelief when it does, but the overall train of thought I have is almost conservative compared to her explosive history of 4,000% or 1,500% returns in a matter of months. That said, as we near ATH, 500% from current ATH is absolutely realistic.
This was also in line with what CryptoPotato reported yesterday. As mentioned, it only took BTC about six days since it broke $17K to reach its ATH back in 2017.
The Excitement Was Shortlived
The moon mission, however, will have to wait. In a sudden twist of events, bitcoin’s price did what it usually does best, and it took a u-turn. In about 20 minutes, the price had lost over $1,000, going from a high of around $18,500 all the way down to $17,230.
At the time of this writing, BTC has recovered a bit and is trading at around $17,620.
Cryptocurrency Market Cap Tops $500 Billion First Time Since 2017-18
Bitcoin’s latest ‘rocketesque’ flight pushed the aggregated cryptocurrency market valuation north of the $500 billion level. This is the first time that digital assets became valuable after almost 3 years of rallies and brutal drawdowns.
What’s interesting is that bitcoin is the only cryptocurrency (and a few other altcoins) that is dangerously close to securing its previous all-time high of $20,000. Many other cryptocurrencies haven’t even claimed back 50 percent of their losses after dropping drastically after the 2017 rally.
This points to the implied fact of aggressive institutional involvement in the bitcoin market, which has, in turn, led it to rise from the ashes like a phoenix and compete head-to-head with other safe-haven assets like and gold and traditional fiat investment options.