Bitcoin price has been fluctuating in the past several hours. The crypto asset went up to $18.500 reaching a new 3-year high. Then began retracing and going up again. At the time of writing the rate is about $17.800.
Many analysts expressed their opinions concerning his on social media. Antoni Trenchev, the co-founder of the financial institution Nexo wrote on Twitter that several factors have influenced BTC price. Among them are institutional investments by companies like MicroStrategy and Square, PayPal actively shilling crypto, and the Bitcoin halving in May.
Trenchev also mentioned that the current value isn't just a result of recent events, but of regular long-term fundamentals. He said that Bitcoin’s success is not temporary: the one-year HODL wave, which reveals how many investors hold BTC for over a year, is at an all-time high,”Bitcoin’s latest surge advanced the aggregated cryptocurrency market valuation worth of $500 B. This is the first time that digital assets became valuable after almost 3 years of rallies and brutal drawdowns.
Bitcoin is the only cryptocurrency (and a few other altcoins) that is close to securing its previous all-time high of $20,000. Many other cryptocurrencies haven’t even claimed back 50% of their losses after dropping sharply after the 2017 rally.