The price of Bitcoin (BTC) has shot up today to reach the $17,000, which has not been seen since January 2018. It’s up 4% today. BTC‘s price has continued to surge over the last few months, climbing from $10,000 in early September to its current value—an increase of 70%.
The cryptocurrencies leader has now spent 112 days in a row above the $10,000 mark—which is the longest stretch in its history—having reached the 100 days mark on November 5.
BTC’s volume has stayed steady over the last few days, between $23 billion and $32 billion. This has been consistent over the last few months, despite the rising price.
Why is Bitcoin’s price going up?
There are many reasons why Bitcoin’s price has continued to hit new recent highs.
One of the important factors is the way that several companies have started investing directly into Bitcoin, such as MicroStrategy and Square. This has been boosted by key investors turning bullish for Bitcoin in recent months, like Wall Street legend Paul Tudor Jones and billionaire investor Stanley Druckenmiller. Firms such as Grayscale have been accomodating the surge in interest from institutional investors, and has needed to pick up an awful amount of BTC to accomodate them.
Another key factor is the impact of the BTC halving in May. At the time, venture capitalist Tim Draper said, “The halving is happening and historically the price doesn’t come up until six months later when people realize they’re short on Bitcoin and they need to buy more.”
The rest of the crypto market is also in the green today, with many coins up even higher amounts. The price of XRP is up 10%, with a current value of $0.30. Additionally, Litecoin is up 9%, to $74. Polkadot and Cardano are both showing strong performances of 9%.
The only coin in the top 15 in the red is privacy coin Monero, which is down 1% to $117.