Bitcoin formed a new all-time high above $38,000 earlier today as it takes aim at the psychological level of resistance at $40,000.
The world’s largest cryptocurrency is now being tipped to surpass $140,000 by 2021, according to multinational investment bank JP Morgan.
Whilst short-term corrections are still very much on the cards, it’s hard to deny the overall trend with Bitcoin having printed new highs every week since it leapfrogged $20,000.
It’s worth noting that there is a 1,000 BTC sell order on Coinbase at the $40,000 mark, which indicates that it will be a point of momentary resistance depending on the volume of the move.
The remarkable rally has been attributed to an increase in institutional investment in the asset class, with the likes of MicroStrategy investing more than $500 million into Bitcoin over the past few months.
However, there has also been a significant uptick in retail participation during the recent surge, with Google search trends for “Buy Bitcoin” trebling since the first week in November.
Altcoins have also begun to shape up a move to the upside with Ethereum currently trading at $1,228 while Litecoin is at $170.
Levels of short-term support for Bitcoin remain at $37,400, $35,000 and $31,240.
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In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
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