Bitcoin Hits New Highs! Tom Lee Comments The Last Rally
Bitcoin rally, backed by Ethereum's rally and gold's recovery, sets new peaks.
Bitcoin Hits New Highs! Tom Lee Comments The Last Rally.
Bitcoin rally, backed by Ethereum’s rally and gold’s recovery, sets new peaks. Bitcoin (BTC), the leading cryptocurrency, hit its highest level of the year to $ 18,950. These levels indicate peaks in Bitcoin that have not been seen in the last 3 years. So what are the factors fueling the rise in BTC?
Tom Lee: Institutional adoption is really increasing in Bitcoin
Leading cryptocurrency Bitcoin (BTC) recently jumped to a 2020 high of $ 18,950. This level marks the highest level in Bitcoin since December 19, 2017. The leading cryptocurrency is now located just off its all-time high of $ 19,664.
Fundstrat’s Tom Lee commented on the recent rally on Bitcoin. The famous analyst emphasizes that the leading cryptocurrency has seen massive growth in network value. Tom Lee argues that corporate adoption “has really risen” in the US. Tom Lee adds the following to his comments on the subject:
WE GOT A LOT OF ATTENTION AND INTERACTION.
“The halving narrative and the recovery in gold prices feeds the Bitcoin rally”
This wave of corporate adoption can also be seen by looking at other metrics. Switzerland-based cryptocurrency ETP manager 21Shares currently receives $ 3 million worth of daily inputs from institutional investors. Last year, ETP executive 21Shares was unable to pull that figure together for a year. Tom Lee believes that the halving event that took place in May was the key factor behind the continued rise. Because, according to Tom Lee, this incident significantly reduced the supply of the leading cryptocurrency. Tom Lee adds the following to his comments on the subject:
THIS YEAR, THE HALVING IS SWEEPING EVERYTHING. IT CRUSHES ALL OTHER SAFE HARBOR ASSETS AND OTHER ASSET CLASSES.
Because Bitcoin is a limited asset, it is often referred to as “digital gold”. It is believed that the leading cryptocurrency follows in the footsteps of the price of gold. Therefore, it is stated that the improvement in gold prices contributed to the recent upward trend.
Analysts: Ethereum leads Bitcoin rally
Whether or not Bitcoin maximalists want to acknowledge this, the latest Bitcoin increase is driven by Ethereum. Soon, the leading altcoin has passed the psychological resistance level of $ 500 for the first time in a long time. Now analysts and experts believe that Ethereum is powering the Bitcoin rally.
Bitcoin, the leading cryptocurrency, is trading at $ 18,630, up 3 percent at the time of writing. The flagship of cryptocurrencies currently has a market value of $ 345.2 billion. Ethrerum (ETH) is trading at $ 509, up 5.4 percent at the time of writing. The leading altcoin currently has a market value of $ 57.8 billion.