Bitcoin price has been on a continuous rise as the leading cryptocurrency has jumped 4.44% in the last 24 hours.
As the month ends, the price of Bitcoin continues to surge, surpassing $14,000. On the 31st of October, the price of Bitcoin hit $14,100 on all major crypto exchanges. The price marks a new ATH Bitcoin has been since January 2018. Shortly after exceeding $14,000, BTC fell by 3%, facing an immediate rejection.
Coincidentally, Bitcoin hit $14,000 on the same day its founder Satoshi Nakamoto released the Bitcoin whitepaper 12 years ago. Nakamoto published the Bitcoin whitepaper on the 31st of October, 2008.
After Bitcoin traded at $14,000, traders became more bullish, predicting that the cryptocurrency would reach a new ATH of over $20,000 in the near future.
Bitcoin Rises to Hit $14,000
Before now, Bitcoin has been on a steady rise and getting analysts’ attention. A Bitcoin analyst, Light, recently commented on the recent rise in the price of Bitcoin.
BTC is behaving in an incredibly strong fashion, up 0.9% l24hrs while alts hemorrhage and derisking continues in equities.
Expect it to break $14,000 after the bloodletting runs its course. pic.twitter.com/Zxeaq2FIcM
— light (@lightcrypto) October 30, 2020
Despite Bitcoin’s strong performance to hit its new highs in 2020, altcoins declined all week. Cointelegraph added that ETH was down nearly 6% at the time of writing. Likewise, LINK fell 6.74% at the time of the report. BNB also slumped over 6%, as stated in the report.
However, these altcoins are beginning to rebound from recent losses. ETH is currently up 3.29% to $391.93. Similarly, LINK is trading at $11.30, a 3.36% increase over its previous close. In addition, Binance Coin is also trading at an increase of 2.15% to $28.69.
Also, the Cointelegraph report further revealed the reason for the traders’ bullish estimation. Marcel Pechman, a Cointelegraph contributor, said:
“…once again, the phenomenon of the pre and post BTC price drop on the occurrence of CME futures expires no longer exists. This reaffirms the bull case for the recent run, despite the negative news from Asian exchanges and Tether.”
Bitcoin’s price has been on a continuous rise as the leading cryptocurrency has jumped 4.44% in the last 24 hours. With a market capitalization of over $257 billion, Bitcoin is currently trading at $13,874.34 and a dominance rate of 63.5%.
Bitcoin Price Jumps on PayPal’s Announcement
The recent Bitcoin gains can also be tied to PayPal’s announcement of its entry into the crypto space. PayPal Holdings Inc (NASDAQ: PYPL) revealed its partnership with Paxos Trust Company to enable crypto services, supporting Bitcoin and three other digital assets on its platform.
Coinspeaker earlier reported that Bitcoin jumped over $13,000 in reaction to the news from PayPal. The report further revealed that PayPal’s crypto service may cause major banks to offer support for Bitcoin.