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Bitcoin price update: Bitcoin smashes all-time high record

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Bitcoin makes new all-time high and appears to be surging further ahead as Asian markets react to the moves in European and US markets.

Bitcoin has reached a new all-time high. US-based cryptocurrency exchange Gemini had Bitcoin selling at $21,142 breaking through what was a key psychological barrier for many in the market.

Bitcoin has struggled throughout 2020 to break the all-time high set in late-2017 which saw massive sell-offs in the months after.

While it has taken three years for the burgeoning asset to reclaim the $20,000 threshold it has done so with a bang. In 2020 Bitcoin was selling as low as $5,168 in mid-March. Even as recently as 1 September, Bitcoin traded at $10,027 doubling in price in just over three months.

List of exchanges that allow you to buy bitcoin.

One of the reasons that $20,000 is a key psychological milestone is because analysts are divided about where Bitcoin will go from there. A key question is whether it will be pushed back by the market or whether $20,000 will be a new base price. Ki Young Ju who is CEO of CryptoQuant said that large investors in Asia had placed sell orders at around $19,500 which would cause "prices to drop."

Going against that, data from Skew shows that prior to Bitcoin beating its all-time high, futures markets had priced in a 35% chance of Bitcoin closing the year out above $20,000. The chances of that were below 1 in 10 when Bitcoin was half its current price in September of this year.

In the market for exchange-traded funds (ETFs), Bloomberg reported a 72% increase of the Bitwise 10 Crypto Index from its debut only a week ago. The same can be said today as Bitwise reached a high of $144. That means Bitwise has shown two days of 70% growth in one week.

Denis Vinokourov, from London-based crypto-investment firm Bequant, advised "now that Bitcoin has passed $20,000", there's more chance of mum and dad investors increasing the retail investment of Bitcoin.

He expects that "FOMO is now in overdrive", suggesting that with the market now seeing the 100% increase since only September many people won't want to remain on the "sidelines".

Although, not everyone shares similar unbridled optimism.

Glen Goodman who is a well-respected investment mogul said that "History has a warning for people buying at the new all-time-high." He went on to say that he shares most analysts' optimism around the long-term growth prospects of Bitcoin. However, he cautioned that "four years ago we had a very similar situation with Bitcoin breaking new ground, but just two weeks later its price plummeted by more than a third".

Bitcoin appears to be surging towards $21,000 as Asia awakens to Bitcoin's all-time high, which at the time of writing is selling at $20,977 at the Gemini Exchange spot rate.

Interested in cryptocurrency? Learn more about Bitcoin with our beginner's guide to Bitcoin, see how to keep your crypto safe with our review of cryptocurrency wallets and dive deeper with our Cryptocurrency learning hub.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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