Cyprus Mail
Business Cryptocurrencies

Bitcoin climbs to over $18,000

Maisie Williams

The value of a bitcoin jumped to over $18,000 on Wednesday, as the volatile economy drives many to seek safe harbour investments, as well as by a number of high-profile purchases.

At over $18,000, bitcoin reached its fifth-highest closing price ever. At this writing, it is trading at $17, 826, at  €15,022 and at £13,418. The price of a single bitcoin has been as high as $20,000 in the past.

Game of Thrones actress Maisie Williams, in a November 16 message on Twitter, asked her 2.7 million followers if she should “go long on Bitcoin.” At the time of publication, the majority — 50.4 per cent of a total 118,190 respondents — are advising she invest in the crypto asset. Williams has an estimated net worth of $6 million from her work in television and film, Cointelegraph reported.

Another prominent purchaser has been the investment firm Grayscale which announced it now holds more than 500,000 BTC ($8.37 billion).

There is increasing belief in bitcoin’s ability to improve in value. An influential Citibank analyst released a report which forecasts further upward movement in bitcoin’s price. Citibank Managing Director Tom Fitzpatrick looks at the long-term trend of bitcoin price, characterised as it has been by “unthinkable rallies followed by painful corrections,” in a recent tweet.

For Fitzpatrick, the three major bullish periods of BTC so far have been increasing in length. Initially, there was a 10-month run from 2010–2011, followed by a two-year run from 2011–2013, and finally a three-year run covering 2015–2017.

Conversely, Fitzpatrick posits that the period of correction following the last two bull runs has remained stable at around 12 months.

This means that we’re ready for another bull run, according to the analyst. He is predicting that bitcoin will spiral ever higher, reaching $100,000 per coin and beyond. Part of this analysis is based on the fact that the supply of bitcoin is dwindling, as investors snap up what’s available, and production decreases as scheduled by the bitcoin whitepaper.

Whether or not Fitzpatrick is right, there is clearly very strong sentiment building behind bitcoin at this time.

Related Posts

Loan restructuring jumps 400 per cent in H1

George Psyllides

Deutsche Post CEO favourite to become Telekom chairman

Reuters News Service

Vivendi is open to discuss with Rome over state control on TIM’s network

Reuters News Service

Amid Evergrande crisis, more Chinese developers to issue ABS

Reuters News Service

Cyprus’ research efforts must be transferred to the economy

Kyriacos Nicolaou

Israeli firm to sell HSBC Tower in New York for $855 million

Reuters News Service