Bitcoin continues to climb setting a new record for 2020

Mohammed Abdelkhalik
November 12, 2020

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Crypto Market Overview

Bitcoin Price Outlook: 13th November 2020

BTC is showing no signs of slowing down as the most popular digital asset in the world. Today reached a new high again for this year.

During the Asian trading session on Friday morning, the standard cryptocurrency recorded its highest price since January 2018, surpassing $ 16,400, this massive move was based on November’s momentum by adding another 5% to the king of cryptocurrencies during the past 24 hours.

Chart of Bitcoin / U.S Dollar (Coinbase) - 13th November 2020

During this week alone, Bitcoin made a profit of 7%, and since the beginning of the month. It has made gains of more than 26%, outperforming almost all other traditional asset classes.

And it seems that the leading cryptocurrency is living on the alternative currency markets again. As its dominance rose to a six-month high of 66%. And the total market value of cryptocurrencies rose to now reach $ 466.5 billion. At its highest level in more than two years.

Analysts are now looking to an all-time high of $20K as the next target in case momentum continues to rally. Bitcoin is now only 21% away from that peak last seen nearly three years ago.

Supportive Bitcoin news

PayPal announced that it has cancelled the waiting list for clients looking to trade cryptocurrencies, which will definitely support Bitcoin.

According to PayPal, crypto payments will soon be available to 26 million merchants globally. And the payments giant has also raised the trading cap for US-based clients from $ 10,000 to $ 20,000 per week.

Given that PayPal has a massive user base, analysts are watching to see if there is an influx of new bitcoin investors as this is likely to increase demand and push the price higher.

Crypto experts say that the foundations in both institutional and retail adoption are strong and positive. That has made many optimistic about the future of the cryptocurrency. As institutional interest is strong and open interest in Bitcoin futures is at its highest levels ever and the influx of retail incoming. PayPal has opened cryptocurrency purchases to all users today. Including providing supportive and motivating factors for the continuation of this rise.

Ignore the Coron expansion spread and the stocks decline

Bitcoin’s impressive rally above $ 16,400 comes as the Dow Jones and S&P 500 Index closed the day in the red, with losses of 1.08% and 0.97%, respectively.

While stocks initially rose after the announcement of President-elect Joe Biden’s victory in the American elections. Over the past few days, cases of Coronavirus infection rose to a record high of 150,000 infections per day. Which made investors fear the possibility of a new phase.

It is also possible that President Trump’s refusal to concede the election and the potential for a split of the government under the Biden administration could negatively affect investor confidence in the outlook for traditional markets.

Bitcoin has largely ignored the decline in stocks and the increasing spread of the Coronavirus, rising by 26.78% since the beginning of the current month so far and about 127.7% since the beginning of the year.

Author Mohammed Abdelkhalik

Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.