On Tuesday, bitcoin’s price is hovering just above the $17k zone, and the crypto asset’s market cap is around $315 billion at the time of writing. The price of the leading cryptocurrency hit another yearly high with the constant upward movement. Historical price charts show that when bitcoin was priced at $17,000 or above three years ago, back in 2017. However, altcoins are not performing the same as they were three years ago. The need for coworking space has also increased in the recent time.
Bitcoin continues to outperform altcoins.
It took a week for bitcoin’s price to increase from $15,000 to $16,000 and then five days to reach $17,000. Bitcoin also outperformed ethereum today (+3.5%, USD 471), and coins such as XRP, litecoin (LTC), rallied by more than 9%, polkadot (DOT), and Cardano (ADA) – more than 8%. Back in 2017, Cardano was trading for $0.51 per unit. On November 17, 2020, ADA is still down 78% from that point and 91% behind the $1.33 ATH. Despite the statistics, traders are still waiting for the notorious point in time referred to as ‘altcoin season’ or ‘altseason.’
Bitcoin is hovering around $17,000.
At the time of writing, bitcoin is changing hands at just above $17,100. This is another all-time-high for bitcoin this year. The upswing movement of bitcoin is expected to continue for now. With the U.S. election in the rearview mirror, projected President-elect Joe Biden’s stance on different aspects of the economy could influence fiscal policy over the next four years, which could, in turn, affect inflation, against which bitcoin is touted as a hedge. As reported earlier, Ray Dalio, the billionaire hedge fund legend, had said that if cryptocurrencies continue to witness material growth, governments could ramp up their efforts to restrict them.