banner
Record-breaking Bitcoin one step away from 2017 prices
Record-breaking Bitcoin one step away from 2017 prices
Trading

Record-breaking Bitcoin one step away from 2017 prices

By Federico Izzi - 18 Nov 2020

Chevron down

In a little more than 48 hours, the price of Bitcoin has risen by more than 1500 dollars, bringing the prices close to 18,500 dollars, a step from the historical record of the 19,900 established in mid-December 2017. 

Although only three days have passed, the balance of the week shows a gain of more than 13% since Sunday night’s closing. 

Over the last year only twice has the weekly closure (seven days from Monday to Sunday) managed to close with higher earnings on a percentage basis: the last week of March and the last week of April. 

To find a higher gain on 48 consecutive hours, it is necessary to go back to October 25th-26th, 2019 when the Bitcoin rally pushed prices to earn more than 1700 dollars. 

During those hours, Chinese President Xi Jinping self-proclaimed the Dragon Nation as the leading driver of blockchain technology.    

coin360 20201118
Source: COIN360.com

Bitcoin does not drag the crypto industry

The current increase in Bitcoin is not accompanied by the rest of the sector with significantly lower performance and general prevalence of the red sign. Among the top 100 capitalized, more than 75% are now moving below par

To find a better rise than Bitcoin, which is now more than 8% up from yesterday morning’s levels, it is necessary to scroll down the ranking to the 34th position occupied by Yearn.Finance (YFI) which maintains the pace of the rise by more than 10% in the last 24 hours.

YFI 20201118

The climb of the YFI token started from the lowest level reached on November 5th at 7500 USD, and today it is recovering more than 200%, with prices back to 24,000 USD, levels at the end of September.

For the first time since the beginning of February 2018, total capitalization rose to over $510 billion. For the first time ever, BTC’s total capitalization rose to over $340 billion, an absolute record with 67% market share, the highest level since May. 

The dominance of Ethereum remains stable at the levels of the last few days at 11.1% and XRP at 2.6%.  

DeFiPulse 20201118

DeFi

Over 100,000 Ether have been withdrawn in the last 48 hours from the various decentralized finance projects, affecting the Total Value Locked (TVL). The TVL on decentralized finance projects remains above $13.5 billion and continues to suffer from the outflow of collateral from the Uniswap DEX after the end of the yield offered to users. 

This is the reason why Uniswap slips into fourth place in the ranking of the main protocols, surpassed by Compound which with $1.5 billion takes third place. Since yesterday, Maker’s decentralized project maintains the first position with over $2.4 billion. The withdrawal of ETH locked as collateral remains high.

BTC 20201118
Bitcoin chart by Tradingview

Record-breaking Bitcoin (BTC)

The price continues to rise, reaching almost 19,000 USD. In the past only three times the price exceeded this barrier for three consecutive days, on December 16th, 17th and 18th, 2017, but only once, on December 17th, it managed to maintain these levels at the end of the day. 

With prices in almost unknown territory and numbers beginning to defy gravitational forces, it becomes difficult to offer a reliable technical analysis. 

Strategies in options also do not help with upward protections that have become weak after the breaking of previous resistances positioned between $17,800 and $18,100. Under these conditions, it is best to observe a continuation of the climb and evaluate areas of support where to protect recent gains in the case of rapid reversals.

ETH 20201118
Ethereum chart by Tradingview

Ethereum (ETH)

In the last few hours, the prices of Ethereum benefit from what is happening with Bitcoin. Ethereum has risen in the last few hours to just a step from $500, setting a new record even if only a few dollars higher than the previous one a few weeks ago. It is the highest level since July 2019. 

It is a climb with a slower pace, showing a much lower performance than Bitcoin (+2.7%), which will have to be confirmed in the next few hours. 

The prices of ETH rising above 500 dollars are establishing a trend decidedly less intense than Bitcoin but nevertheless important, a solid trend that will have to find confirmations in the next few days. 

ETH must not suffer particular influence from what will happen to Bitcoin, whether in good or bad, without recording trend reversals. In any case, the movements must not go back under 455 dollars in the next few hours. 

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.