The Bitcoin course seems tireless. After the cryptocurrency BTC fell to $ 3,500 as part of the massive corrections in March of this year, Bitcoin is currently trading at $ 15,200 and is thus immediately above $ 15,000 for the first time in several years. However, other large-cap cryptocurrencies such as Binance Coin (BNB) and Chainlink (LINK) had to struggle with sales in the past 7 days. In the 24h view, however, in addition to Bitcoin, LINK and Litecoin (LTC) are the winners of the hour.
In this article we take a look at the current situation on the market and the development of the Bitcoin price.
Bitcoin price with strong momentum
I already mentioned it in the introduction: Since the annual low of around $ 3,500, the Bitcoin price has more than quadrupled its price in around 8 months. As of now, the cryptocurrency is trading at $ 145,200.
The following chart shows the development over the last 30 days and underlines the positive and bullish momentum, which underlies the largest cryptocurrency by market capitalization.
Bitcoin course development 30 days
It becomes clear that the current 2020 US elections have again brought volatility to the market. With a price jump of around 10% in the last 24 hours, the Bitcoin price rose by almost $ 1,300 – measured in absolute numbers.
In a Forbes interview, trader and analyst John Kramer commented on the current BTC price:
Bitcoin has recovered from the very short-term post-election drop and again topped $ 14,000. Even if we don’t yet know what will come after the election, many investors – depending on the election winner – expect a large stimulus package. This should further benefit Bitcoin and its limited supply.
Here, too, the narrative of Bitcoin as digital gold with a number limited to 21,000,000 BTC becomes clear. The numerous measures this year to stimulate the economy and the associated keyword „quantitative easing“ favor BTC.
The cryptocurrency is backed by many large companies that are now also investing in Bitcoin in order to invest part of their dollar reserves at a profit.
Bitcoin dominates large-cap cryptocurrencies
Even if other top ten cryptocurrencies are showing green numbers in the last 24 hours, we see a different perspective on the 7-day view.
While Bitcoin has seen double-digit growth in the last 7 days, we see almost exclusively red numbers for the other major cryptocurrencies.
Bitcoin course and top 10 cryptocurrencies
Bitcoin Cash (BCH), Chainlink (LINK) and Binance Coin (BNB) are particularly affected by the sale last week. The cryptocurrencies just mentioned recorded relatively high losses of 6.28, 4.45 and 7.89 percent. Despite the current good 24-hour performance, the crypto currencies mentioned are trading in the red in the 7-day trend.
At the same time, Bitcoin dominance is increasing again and underlines Bitcoin’s current leadership position. So the high Bitcoin price is the result of many factors.