1 Bitcoin for $9,000
Bitcoin price surged to $9,400 some hours ago to return later around the $9000 levels. At the time of writing, you must pay USD 8,900 again for 1 BTC. This means that another important psychological barrier on the cryptocurrency chart has been broken. In turn, Ether costs over USD 200 (exactly at the time of writing, USD 211).
What drives these increases? Although some skeptical investors have thought for the past few days that halving is already included in the price of the top cryptocurrency, this once again punishes the bears and rewards bulls. Only in the last 24 hours, the BTC price increased by about 4%, while ETH by more than 3%. The ETH/BTC ratio is 0.0239 in turn.
Mini bull market under halving
It seems that despite what is happening in the background – the ongoing coronavirus pandemic and the beginning economic crisis, which will probably last for over 2 years – BTC is living its own life again. As a very risky asset, it should lose value in such conditions. It happens differently.
So is this a prelude to the future bubble that we will see on the chart next year? It was so in the case of the previous two halvings… Here we would suggest keeping the alertness and coolness that characterizes the best investors. Today, the economic environment has changed significantly. Previous cryptocurrency bubbles took place during the longest bull market in the history of modern markets. Today the situation is different. The biggest crisis is probably just beginning in several decades (some have suggested for 90 years).
The above does not, of course, cancel the new bubble, e.g. in 2021, but – we will emphasize it once again – keep calm and cool. On the other hand, buying BTC today for $ 9,000 may be one of the last such “cheap” purchases.
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