According to the data, Bitcoin, the cryptocurrency with the highest market value, has remained above US$10,000 for 63 consecutive days.
Historical data shows that between December 2017 and January 2018, Bitcoin remained above $10,000 for 62 consecutive days, and this record has now been broken. And judging from the current market trend, the volatility of Bitcoin price has decreased, and the new record will continue.
After the bull market at the end of 2017, Bitcoin experienced a bear market for one and a half years. In 2019, Bitcoin once again exceeded $10,000, but the cryptocurrency with the highest market value only remained above this price for 28 days.
Now that Bitcoin has remained above $10,000 for 63 consecutive days, Jason Deane, a Bitcoin analyst at Quantum Economics, believes that this should be thanks to “MicroStrategy.”
He mentioned, “On August 11, when they first announced the purchase of Bitcoin, the price just exceeded the $10,000 mark. The impact of Michael Saylor’s bold and groundbreaking move is to bring the asset to Gained tremendous confidence and credibility.”
Of course, in the past 63 days, Bitcoin has once fallen below $10,000, but strong buying below $10,000 has formed a strong support at this price. During this period, Bitcoin has never stayed below $10,000 for more than 24 hours, and then Bitcoin began to slowly recover and recently approached $11,000 again.
Although the price of Bitcoin is still below the high of $20,000 in 2017, it has proved that it can maintain a stable investment appeal.
Saylor described Bitcoin as “digital gold,” believing that the asset is a reliable means of storing value and a more attractive investment asset, which has the potential for long-term appreciation than holding cash.
Other positive factors for cryptocurrency include the global economic stimulus measures to respond to the new crown epidemic and inflation expectations caused by the central bank’s quantitative easing monetary policy, the DeFi boom in the crypto industry, and the more mature infrastructure of the blockchain industry.
According to a previous report by “Beijing,” Bloomberg believes that this year is a crucial year for the transition from Bitcoin to digital gold. The stable price of Bitcoin should be six times the price of gold per ounce.