When it comes to bitcoin, these last few weeks have been classic cases of “the good news and the bad news.”
Bitcoin Has Been Shaky, but It’s Also Been Pretty Solid in Several Ways
The bad news is that not too long ago, bitcoin was trading for over $12,000 and unfortunately, this didn’t last. The currency ultimately fell into a black hole of sorts that took it all the way down to the low $10,000 range before it began to show small signs of life here and there that eventually brought it back up to around $10,400.
The currency remained here for some time before finally edging its way up to about $10,800, which is where it sits at the time of writing. Despite this nearly $1,000 rise since the beginning of the month, bitcoin is not where it was before. True enthusiasts and believers know that bitcoin can do much better, and they’re waiting for the day when bitcoin enters fully bullish territory yet again.
However, the good news is that the currency has managed to remain above $10,000 for the past 63 days, the longest five-figure position it’s held in its short, albeit significant history. The currency previously set a record for itself in 2017 at 62 days, but now that record has been beaten by a full 24 hours. Perhaps things can go longer, and bitcoin will set itself up for a real challenge in the future.
Bitcoin first struck the five-figure range in early May. This didn’t last long at all – perhaps a day at most – before it finally fell back into the $9,000 range, where it had spent the last few weeks hovering. From there, the currency rose to $10K again in early July – about two months after its third halving – but this jump lasted even less time than the previous mark.
However, late July saw the currency rising above $10,000 in what appeared to be a “for good” situation. The currency has yet to experience any further drops or falls and the asset is cementing itself as a solid digital tool to hedge one’s wealth against inflation and other harsh economic conditions.
How the Currency’s Status Is Growing
This has been the attitude that most people seem to have towards bitcoin ever since the coronavirus first made its way through society in early March. The asset has been viewed in a positive light following several drops incurred by fiat currencies such as the US dollar. Standard cash is often met with discord when harsh economic conditions set in, and the world’s number one cryptocurrency by market cap has made its way into newfound bullish territory due to the expansion of its now glowing reputation.
Either way, it looks as if bitcoin will continue to remain on solid ground for the remaining weeks given that the election is edging closer and closer.