Bitcoin hits new year high – price shows similarities with 2017

Bitcoin hits new year high – price shows similarities with 2017.

Image source: Shutterstock / Trijo News

Christian Ploog

christian.ploog@trijo.co

The bitcoin price seems to shape similar patterns as it has done in previous years before major rallies.

The bitcoin price has shown strength in the last 24 hours. Starting last night (CEST), the price of one bitcoin soared from $5,363 to $5,730 this morning, according to Bitstamp.

This is an increase of about 6.8 percent in just under nine hours and also a new year high.

Looking at bitcoin’s total market cap, it has once again risen to over $100 billion. In addition, the world’s biggest cryptocurrency now represents 55.6 percent of the total market cap of all cryptocurrencies, according to the so-called “dominance rate” at Coinmarketcap.

Similarities with 2017

The bitcoin price also seems to shape similar patterns as it has done in previous years before major rallies. The crypto analyst Flibflib on Twitter, for example, draws parallels between bitcoin’s price movements in 2017 and 2019.

“There is some similarity between 2017 and 2019 in the way in which we bottomed from $5k->3k 2017 and broke back to $5k. It took a lot longer this time in a bear market. Overlay and extrapolate that trend and December 2019 could be fruity if we can get over the Tether risk”, Flibflib writes on Twitter.

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