Cryptocurrency
Market Wrap: Bitcoin Hits $18.8K as Total Crypto Locked in DeFi Passes $14B
Market Wrap: Bitcoin Hits $18.8K as Total Crypto Locked in DeFi Passes $14B: (CoinDesk) The price of bitcoin hit new 2020 highs as the “alternative to gold” narrative increases. Meanwhile, smaller crypto tokens might be helping push DeFi to new heights. Bitcoin (BTC) trading around $18,638 as of 21:00 UTC (4 p.m. ET). Gaining 3.5% over […]
Market Wrap: Bitcoin Hits $18.8K as Total Crypto Locked in DeFi Passes $14B:
(CoinDesk) The price of bitcoin hit new 2020 highs as the “alternative to gold” narrative increases. Meanwhile, smaller crypto tokens might be helping push DeFi to new heights.
- Bitcoin (BTC) trading around $18,638 as of 21:00 UTC (4 p.m. ET). Gaining 3.5% over the previous 24 hours.
- Bitcoin’s 24-hour range: $17,723-$18,813 (CoinDesk 20)
- BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.
Bitcoin’s price made gains Friday, going as high as $18,813, according to CoinDesk 20 data. The world’s oldest cryptocurrency then dropped a bit, to $18,638 as of press time. The last time bitcoin traded at the $18,800 level was back on Dec. 19, 2017, when the price went as high as $18,984.
Some analysts see $19,000 as certainly within reach, but bitcoin won’t shoot straight up getting there, noted John Kramer, a trader at crypto firm GSR. “It feels more and more like we’re hitting a bitcoin tipping point,” Kramer told CoinDesk. “That’s not to say that the price will rocket past $19,000; in fact, a cooldown is to be expected.”
Despite any cooldown that may occur, bitcoin is certainly hotter than gold so far in 2020, with bitcoin up 147% year to date versus the yellow metal’s 22% performance.
“I expect a lot more media coverage and reinforcement of the narrative around bitcoin being a better alternative to gold in the near future as more and more prominent Wall Street investors like BlackRock are openly sharing their positive views,” said Jason Lau, chief operating officer for San Francisco-based cryptocurrency exchange OKCoin…