Shortly after soaring past the $15,000 USD mark in light of the U.S. presidential election, Bitcoin continues to surge, now rising past the $17,000 USD point to reach a record high for the first time since January of 2018.
Market cap is now at $315 billion USD, just shy of its previous $335 billion USD record. The cryptocurrency rallied from a rough beginning of 2020, falling as low as $4,000 USD to come back now at more than $17,900 USD at the time of writing, rebounding by 330 percent. Analysts project that Bitcoin will be on track to break its all-time high of $20,000 USD, which it achieved almost three years ago.
According to Bybit’s CEO and co-founder Ben Zhou, the recent surge largely mirrors Bitcoin’s trajectory back in 2017 when it reached its current all-time high. “We may well see minimal resistance until the bitcoin price approaches its all-time high,” he remarks in a statement to CoinDesk.