Bitcoin Bulls Move Past $17,000, Market Cap Nears ATH

Bitcoin has set another 2020 high as it moved past the $17,000 barrier at the time of writing and was trading at $17,023. The king coin has seen its price soar by more than $5,000 over the past month. The top cryptocurrency recently created history after posting the highest three-week close at $15,960 just last week and is up by 4.08% on the 24-hour chart.

2020 was slated to be the year of bitcoin because the king coin post its 2017 ATH experienced a year-long crypto winter in 2018 and consolidated throughout 2019. The Bitcoin halving in May this year was believed to be the trigger for the next bull run, however, it turned out to be a combination of various factors including the pandemic, the looming financial crisis, along with the recent PayPal announcement about offering Bitcoin through its platform.

Bitcoin saw its price plunged to $4,000 this year during the infamous ‘Black Thursday crash‘ since then the king coin has managed to rebound 330% while registering a 130% gain since January 1st.

Bitcoin has risen by more than 8% over the week and looks highly bullish, however many analysts have warned of a possible correction in the coming weeks. The current surge in bitcoin’s price has also pushed its market cap over $315 billion only $20 billion short of its all-time high of $335 billion.

Bitcoin is known to lead the price rally while altcoins follow, and the same phenomenon is going on at present as several altcoins like XRP, Litecoin, Polkadot, and Cardano registered more than 8% price rally on the 24-hour chart.