After reaching an annual high of about $13863 earlier this week, the leading cryptocurrency bitcoin underwent a sharp correction of almost $1000 before rebounding and stabilizing at $13281. From that point on, it began a stable recovery process, with small daily growths, closing on Friday near $13680. Today BTC managed to break that record, reaching $14,100 (Bitstamp) at the time of writing. A 5% growth in the last 24 hours.
Bitcoin hits a new record on its 12th anniversary.
The price of Bitcoin surpassed $14,000 on October 31, the day Satoshi Nakamoto released the Bitcoin whitepaper in 2008. Since the release of the whitepaper, Bitcoin has witnessed a massive growth trajectory. An institutional craze is leading the BTC rally, major financial institutions are supporting crypto assets, and the market has become increasingly liquid. Across major crypto exchanges, bitcoin reached a peak of $14,100 and saw an immediate rejection. Most of the selling pressure came from Binance, which caused the price to fall by 3% within minutes quickly. Before the rejection, massive buy walls on Huobi and Binance initially pushed the price upwards. There was a 1,371 BTC buy wall on Binance at $13,680 and another big buy wall at over $13,800 on Huobi.
Bitcoin adoption grows this year amid the pandemic.
The mainstream adoption of bitcoin has reportedly grown this year amid the ongoing global pandemic. African countries witnessed a massive growth in crypto adoption this year. The bitcoin trading on Peer-to-Peer platforms witnessed a rapid growth in the last few months, with the African continent now the second-strongest region in the world for P2P volume, just behind the US. The African continent is the only region to post an increase in the seven-day P2P trade in July.