Bitcoin has surged past $16,000 for the first time since January 2018 and is up over 120% YTD!
The cryptocurrency is now flirting with a three year trading high.
Yasin Ebrahim of Investing.com suggests there are signs of institutional demand that many see as key to ensuring the latest run has staying power.
“At a high level, there’s no question the pandemic has had an impact on the underlying technology of cryptocurrencies themselves, but that’s not the only factor,” Joseph Guagliardo, a cryptocurrency lawyer at Troutman Pepper, told FOX Business.
Experts also believe the coronavirus pandemic and maturing technology helped cause the spike.
The pandemic has created “concern over U.S. inflation and global inflation,” making Bitcoin something of a “digital gold and a safe haven,” Guagliardo told Fox Business.
The strong rally to $16,200 led Bitcoin spot volumes to rise by more than 270% in the past month. According to a recent report from Arcane research, the daily volume on Nov. 5 was the highest since the Black Thursday crash that brought BTC price below $4,000 on March 13.
– Aaron Goldstein, Gambling911.com