El Salvador President Nayib Bukele took a victory lap on Monday after the Bank of England’s British pound rapidly depreciated against the dollar. The institution has since resumed quantitative easing. Its action marks a clear pivot that many in the Bitcoin community predicted central banks would be forced into months in advance. Bukele’s Callout Bukele tagged the Bank of England with a triumphant “Told you,” over Twitter, scoring over 14,000 like and 2000 retweets from his followers. His brief comment…
Bitcoin has surpassed yet another milestone as it rallied past $19,000 today. This is the highest Bitcoin had achieved since February 2018 when it rallied to its all-time high of $20,000.
Major Step Towards All-Time High
Bitcoin price surge today followed days of relative stability for the coin, which had hovered around the $18,000 to $18,600 range. During this period, the altcoin market boomed, leading to several altcoins catching up to Bitcoin’s rally. Also, Bitcoin’s market dominance reduced from 65% to 61.2% as altcoins surged in price.
Today, however, saw a major change in its volatility, with the leading coin initially dipping to around $18,000. This dip spurred a massive surge in which Bitcoin gained $1000 within hours to break the $19,000 resistance barrier.
Bitcoin was trading on Binance as high as $19,050 before retracing to around $18,900 at the time of publication. This current rally is similar to that of 2018, where the coin had a slight correction at $19,000 before making a major push above $20,000
There are high expectations within the crypto community that Bitcoin will surpass its record price this week. With a new yearly high for BTC achieved, it will be interesting to see how the leading coin behaves in the coming hours.
Ethereum breaks the $600 Barrier.
Bitcoin is not the only major coin experiencing a massive surge as leading altcoin Ethereum has also pumped massively. Ethereum broke a 30-month resistance in the last 24 hours crossing from $500 to $600. The altcoin hit $616 in the early hours of today before retracting to around $606. This is the highest the coin has reached since hitting an all-time high of $1,355 on January 10, 2018
This latest pump by Ethereum is likely due to the news regarding its Ethereum 2.0 smart contract deposit. It was revealed today that stakers had staked more ETH than the target required launching the Phase 0 stage. This was remarkable given that 24 hours ago, the deposit contract was just about 50% filled. The news spurred the surge in price as investors showed renewed confidence in Ethereum.
The beacon phase’s launch is expected to occur on December 1st and will usher in the first stage of the Ethereum 2.0 upgrade. Ethereum is the leading smart contracts network, and Ethereum 2.0 is expected to improve scalability and reduce transaction fees.