• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin Hits $17K After Three Years; “Greatest Parabolic Advance” Ahead?

Yashu Gola by Yashu Gola
5 months ago
in Bitcoin
Reading Time: 3min read
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Silhouette Of An Young Happy Woman On A Swing, Swinging Over The Andes Mountains, Tungurahua Volcano In The Background, Tree House, Ecuador

Advertisement

Bitcoin has breached $17,000 for the first time in the last three years.

The flagship cryptocurrency hit $17,100 ahead of the New York opening bell Tuesday, forming another upward leg in a rally that has already ballooned by 58 percent in the fourth quarter. Meanwhile, its market cap closed towards $315 billion, just $20 billion away from its all-time high established in December 2017.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin reaches $17,000 in a relentless upside rally. Source: BTCUSD on TradingView.com
Bitcoin reaches $17,000 in a relentless upside rally. Source: BTCUSD on TradingView.com

Since March 2020, when its price crashed to the yearly low of $3,858 amid a global market rout, Bitcoin has surged by more than 350 percent. On a year-to-date timeframe, it is up 136 percent.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Bitcoin’s latest parabolic rally serves as a reminiscent of the infamous 2017 boom. Back then, the cryptocurrency had stormed from $800 on January 1 to $20,000 on December 11, 2017. The only difference between then and now is institutional capital.

Then and Now

The previous rally ran hot due to the then-booming initial coin offering (ICO) industry. Hundreds of young blockchain startups appeared with a business model to raise funds in Bitcoin and Ethereum. Therefore, investors who saw these young companies as unicorns started buying BTC and ETH as their tools to purchase their native tokens.

But more than 90 percent of those startups either turn out to be scams or vaporware. They sold whatever BTC and ETH they had raised, causing their market to crash throughout 2018. As of December 2017, one Bitcoin token was available to purchase for as cheaper as $3,000.

But this time, the Bitcoin rally appears against a worsening economic outlook led by the coronavirus pandemic. With businesses suffering and unemployment at dangerous levels, global central banks are making lending cheaper. They are also buying government bonds infinitely.

Meanwhile, the governments are also releasing trillions of dollars worth of stimulus aids to aid businesses and individuals. Jerome Powell, the chairman of the US Federal Reserve, has openly claimed that they are targeting higher inflation in the coming years.

A relentless quantitative easing is reducing the purchasing power of the US dollar. Also, an ultra-low interest rate environment is stealing yields away from long-dated Treasuries, some of them even returning negative returns.

That serves as the primary reason why legendary investors like Paul Tudor Jones and Stan Druckenmiller have gained exposure in Bitcoin, an asset that comes with a limited supply of 21 million tokens. Other firms, including MicroStrategy and Square, have also replaced their cash reserves with Bitcoin.

I would like to announce that after years of dabbling I’ve jumped firmly onto the #Bitcoin wagon and would now like everyone else to do the same.

— Eoghan McCabe (@eoghan) November 16, 2020

More Bitcoin Gains Ahead

Alex Saunders, the CEO/co-founder of Nugget News AU, said Tuesday that the Bitcoin market is about to see the greatest parabolic advance ever.

He noted that the capital outflow from exchanges has increased against the rising Bitcoin prices. Meanwhile, less money is entering the trading platforms, which reflects traders are looking to hold Bitcoin instead of trading them for other assets.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin net transfer volume to/from exchanges. Source: BTCUSD on TradingView.com
Bitcoin net transfer volume to/from exchanges. Source: Glassnode

“Remember, Bitcoin hasn’t really scaled since 2017. Full Mempool + Euphoria = Empty exchange order books. $BTC Price = ???”

Tags: bitcoinbtcusdBTCUSDTcryptocurrency
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

Latest Bitcoin Dip Did Little In Offsetting "Wildly Bullish" Bias; Here's Why

Latest Bitcoin Dip Did Little In Offsetting “Wildly Bullish” Bias; Here’s Why

1 hour ago
Billionaire Puts £175mn London Apartment up For Sale, Will Accept Bitcoin

Billionaire Puts £175mn London Apartment up For Sale, Will Accept Bitcoin

3 hours ago
bloody bitcoin

Coinbase COIN Debuts To A Bloody Bitcoin, But Bullish Structure Remains

14 hours ago
Brandt: You’re Doing it Wrong if You Accumulate Dollars Over Bitcoin

Brandt: You’re Doing it Wrong if You Accumulate Dollars Over Bitcoin

1 day ago
Bitcoin BTC BTCUSD

How An Ex-CIA Director Proved Bitcoin Use in Crime is Declining

2 days ago
Bitcoin BTC BTCUSD

Bitcoin Funding Flips Bullish, But Are Liquidations Imminent?

2 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

Sign up and Get Free $30 Coupon With Nhash Cloud Mining Services

April 15, 2021

On CROSS, NFT Loans is supported

April 15, 2021

Here Come NFT + Games! WaykiChain and Chongqing Mebius Join Hands in a Strategic Partnership

April 15, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.