Bitcoin breaks through $12,000, hitting a 13-month high

According to Bitpush data, Bitcoin, the cryptocurrency with the largest market value, broke through the resistance level above $12,000 in the early hours of Tuesday morning, setting a 13-month high.

The data also shows that the price of Bitcoin has soared 70% so far in 2020. If calculated from the low point after the big drop in March, the price of Bitcoin has soared three times.

Mainstream media Reuters mentioned in its report on Bitcoin prices on Monday that "low interest rates and massive bond-buying programs by central banks around the world have stimulated demand for the cryptocurrency, which some investors believe can hedge against inflation due to its limited supply."

The current price of Bitcoin is very close to the high of around $14,000 at the end of June last year, but it is still a long way from the historical high of around $20,000 in December 2017. After breaking through $12,000, the next resistance level of Bitcoin will be above $13,000.

Along with Bitcoin, the price of gold has also risen. Currently, the price of gold has recovered from last week's sharp drop and is $1,991 per ounce. According to an earlier report by BitPush, Bloomberg believes that the correlation between Bitcoin and gold is strengthening, and the stable price of Bitcoin will be 6 times that of gold. This year will also be a key year for Bitcoin's transition to digital gold.

Anthony Pompliano, one of the co-founders of Morgan Creek Digital, believes that by the end of 2029, the market value of Bitcoin will exceed that of gold. The current market value of Bitcoin is $227 billion, while the market value of gold is about $9 trillion, about 40 times that of Bitcoin.

Bitcoin fundamentals remain bullish overall, with the hash rate of the Bitcoin blockchain network just reaching 129 TH/s, a record high. The rise in hash rate indicates that crypto miners favor this asset and are investing more equipment in Bitcoin mining because they believe it will continue to rise.

Image source: pixabay

AuthorXiu Mu

This article comes from bitpush.news. Reprinting must indicate the source.