Bitcoin Surpasses $17,000 First Time Since January 2018

Bitcoin rose by 2.12% peaking at $17,081, according to CoinDesk data at 15:02 Moscow time, TASS writes.

The last time bitcoin rose above $17,000 was in January 2018. As of 15:16 Moscow time, the bitcoin rate was at $17,009.

Bitcoin is a decentralized cryptocurrency system of the same name based on blockchain technology, which can be mined by any user.

BTC’s “spectacular surge” in 2020 largely mirrors its 2017 trajectory, Ben Zhou, co-founder and CEO of derivatives exchange Bybit, told CoinDesk in an email. One key difference this time, however, is the “infusion of institutional money.”

With Monday’s rally, BTC is now trading roughly 15% below its all-time high of almost $20,000 set in December 2017.

Alternate cryptocurrencies (altcoins) are following in bitcoin’s wake. Leading altcoin ether (ETH) is trading at $465 at last check, up 20% this month. Litecoin (LTC) has gained around 30% month to date. Even dogecoin, which stayed quiet after its short-lived TikTok craze in July, spiked nearly 10% Monday, before giving back some of its gains in the afternoon trading hours.

Despite BTC’s strong performance in a predominantly spot market-driven rally fueled by North American buyers, exchange trading volumes remain relatively unimpressive. For example, monthly volume of Coinbase’s BTC/USD trading pair has stayed nearly flat since June.

November could mark a shift in that trend, however, as over-the-counter trading is growing at a steady clip. Halfway through November, volume at the industry-leading desk B2C2 was roughly equal to the whole month of October, said founder Max Boonen in an email. “Market prices can also move on little to no volume,” he added.