{"id":452543,"date":"2020-12-17T16:00:54","date_gmt":"2020-12-17T16:00:54","guid":{"rendered":"https:\/\/ktsl888.com\/?p=452543"},"modified":"2024-06-11T14:12:06","modified_gmt":"2024-06-11T14:12:06","slug":"bitcoin-just-won-the-game-against-other-assets-heres-whats-next","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-just-won-the-game-against-other-assets-heres-whats-next\/","title":{"rendered":"Bitcoin Just \u201cWon the Game\u201d Against Other Assets; Here\u2019s What\u2019s Next"},"content":{"rendered":"
The past couple of days have been historic for Bitcoin, with the cryptocurrency\u2019s price<\/a> rallying as high as $33,700 overnight after breaking above its all-time highs yesterday.<\/p>\n This momentum is showing few signs of slowing down either, with a massive influx of hype from celebrities and notable figures on Twitter helping spark inflows of retail capital \u2013 similar to that seen in 2017.<\/p>\n However, a key difference between the ongoing rally and that seen in 2017 is that institutions are now the leading force backing the crypto\u2019s ascent.<\/p>\n This has led one analyst to note that it cannot be \u201cregulated away\u201d due to these institution\u2019s political influence.<\/p>\n At the time of writing, Bitcoin<\/a> is trading up just under 10% at its current price of $23,200. This is around the price at which it has been trading throughout the past few hours.<\/p>\n Because bears have yet to gain any serious edge over bulls \u2013 despite the crypto posting a couple of seemingly classic top formations \u2013 there\u2019s a strong likelihood that BTC continues pushing higher.<\/p>\n On-chain analyst Willy Woo explained in a recent tweet<\/a> that he believes this latest push higher has vindicated Bitcoin\u2019s<\/a> status as a premium and legitimate asset class.<\/p>\n He also notes that institutions’ involvement in the market will protect it from regulators and help lead to further growth.<\/p>\n \u201cThis feels like the moment Bitcoin won the game against all the other asset classes. With this breakout fueled by institutional folk, no way it can be regulated away; Sovereign Wealth next. Then it gets to change the world for real. Exciting times!\u201d<\/p><\/blockquote>\n There\u2019s no question at this point that the next few months are going to be quite exciting for Bitcoin.<\/p>\n It has been a wild past few days and weeks for Bitcoin and the entire crypto market The benchmark digital asset\u2019s price has gone parabolic, rallying from recent lows of $17,600 to highs of $23,700 Although it faced a rejection at these highs, its outlook is still incredibly bullish and it has recovered most of its overnight losses Its present strength does seem to indicate that further upside could be imminent in the near-term One on-chain analyst is noting that this breakout rally is, in some ways, a victory lap for Bitcoin He contends that BTC has now \u201cwon the game against other asset classes\u201d and is likely to rally higher as institutions take hold of its price action The past couple of days have been historic for Bitcoin, with the cryptocurrency\u2019s price rallying as high as $33,700 overnight after breaking above its all-time highs yesterday. This momentum is showing few signs of slowing down either, with a massive influx of hype from celebrities and notable figures on Twitter helping spark inflows of retail capital \u2013 similar to that seen in 2017. However, a key difference between the ongoing rally and that seen in 2017 is that institutions are now the leading force backing the crypto\u2019s ascent. This has led one analyst to note that it cannot be \u201cregulated away\u201d due to these institution\u2019s political influence. Bitcoin Rallies Higher as Momentum Shows No Signs of Faltering\u00a0 At the time of writing, Bitcoin is trading up just under 10% at its current price of $23,200. This is around the price at which it has been trading throughout the past few hours. Because bears have yet to gain any serious edge over bulls \u2013 despite the crypto posting a couple of seemingly classic top formations \u2013 there\u2019s a strong likelihood that BTC continues pushing higher. Willy Woo: BTC has Won the Competition Against Other Asset Classes On-chain analyst Willy Woo explained in a recent tweet that he believes this latest push higher has vindicated Bitcoin\u2019s status as a premium and legitimate asset class. He also notes that institutions’ involvement in the market will protect it from regulators and help lead to further growth. \u201cThis feels like the moment Bitcoin won the game against all the other asset classes. With this breakout fueled by institutional folk, no way it can be regulated away; Sovereign Wealth next. Then it gets to change the world for real. Exciting times!\u201d There\u2019s no question at this point that the next few months are going to be quite exciting for Bitcoin. Featured image from Unsplash. Pricing data from TradingView.<\/p>\n","protected":false},"author":499,"featured_media":452255,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1144,78790,76835],"class_list":["post-452543","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Rallies Higher as Momentum Shows No Signs of Faltering<\/strong>\u00a0<\/strong><\/h2>\n
Willy Woo: BTC has Won the Competition Against Other Asset Classes<\/strong><\/h2>\n
Featured image from Unsplash.\r\nPricing data from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"