Bitcoin’s surge toward $19,510 on Wednesday was its highest level since the previous record of $19,458, set back in December 2017. Speaking to Business Post, I said the move shouldn’t come as a surprise to anyone who’d been paying attention to where the technology was heading. This is just getting started, I told them.
“We’re on our way toward a crypto-powered society and a data-driven economy. “
How high the price would ultimately climb from there, nobody could really say for certain, not me, not anyone, but the direction of travel was already clear.
Related Facts
Bitcoin’s November 2020 surge came with real volatility attached. The cryptocurrency fell nearly 13 per cent the day after hitting its Wednesday high, and Ethereum and Ripple’s XRP slid alongside it, down 13 and 20 per cent respectively. The rally echoed a similar record set in December 2017, which was quickly followed by a crypto bubble and an 80 per cent collapse in value through 2018, a precedent much of the market was watching closely.
The surge also came weeks after PayPal announced its users would be able to buy, sell, and hold Bitcoin and other cryptocurrencies directly through their accounts, a signal, to some, that mainstream adoption might finally be within reach.
