Bitcoin exchange rate exceeded $ 18 thousand for the first time in three years
For the first time since 2017, the price of bitcoin has risen above the $ 18K level, setting a new annual high.
Today there were several leaps in the BTC rate, during which the cryptocurrency briefly reached $ 18,485. The subsequent powerful pullback pushed the price down to the previous level, but the bulls quickly regained control over the market, and an hour later the chart began to move up again. At the time of publication, bitcoin is trading at $ 18,200 with a daily gain of 8.85%.
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Some analysts believe that the current growth is due to the overall positive dynamics of recent months, increased attention from large companies and problems in traditional markets. However, they also say that the bulls could deliberately stop the breakout and ease the onslaught slightly in order to lock in profits and consolidate their positions ahead of the $ 19,675 record.
The current growth is supported by institutional investors, as it is driven by objective market factors, and not by the rush, as in 2017. Confirmation of their interest is the rapidly growing stocks of cryptocurrency funds. For example, the largest bitcoin trust Grayscale Investments owns 500,000 BTC, the total value of which at the current exchange rate exceeds $ 9 billion.