Bitcoin (BTC) Price Soars Above $13K, First Time Since 2018

Bitcoin (BTC) price soars high, reaching a bullish price of above $13,000 for the first time in over two years.

Bitcoin is one of the most famous cryptocurrencies in the digital world. It is one of the favorite cryptocurrencies by many. This is also due to its bullish uptrend performance in breaking its $13,000 resistance level.

In retrospect, on January 15, 2018, Bitcoin had last closed above $13,000, six weeks after it reached an all-time high of around $19,800. According to CoinGecko, BTC was trading at a high price of $12,995 with a 24h growth rate of $21.2 billion, at the time of writing.

Bitcoin price spike caught investors’ attention

Moreover, Bitcoin caught the investors’ attention leading them to adopt BTC as their reserve assets. In addition, Bloomberg Intelligence set $13,000 as a breakout price target for BTC in a July report that called the leading cryptocurrency BTC as a “caged bull.”

The Bloomberg article mentioned that,

Bitcoin will continue to outperform most of the highly speculative crypto assets… It’s the increasing differentiation, maturation, and more widespread adoption that favors Bitcoin.

Last week, Paypal made an announcement that it has launched its new service to support Bitcoin and other altcoins. This integration will allow crypto users to transact with over 26 million merchant partners worldwide. This announcement eventually triggered the price surge of BTC.

While Ethereum has rallied alongside Bitcoin, ETH has failed to maintain its strength relative to Bitcoin, despite the decentralized finance (DeFi) boom since August. In line with this, ETH is presently testing resistance at $400.

Despite COVID19, Bitcoin remains to be a cryptocurrency that maintains its reputation. Particularly among countries like Turkey which tops BTC trading and Japanese investors who invest heavily in Bitcoin.