Bitcoin price reached record highs against many world currencies

Bitcoin continues to break record levels against at least nine world currencies as its price in US dollars approaches USD 20,000.

Bitcoin (BTC) is only a few thousand dollars away from its all-time high of nearly $20,000. While much of the cryptomoney industry is watching the price action of Bitcoin in US dollar terms, however, BTC has already achieved historically high prices relative to many other world currencies.

In a tweet on 22 October, Alistair Milne mentioned seven Bitcoin Rush countries where Bitcoin had already reached an all-time high against those counties‘ native fiat currencies. In the same tweet, he said that Colombia and Russia would soon join the list.

Bitcoin price reaches new record in these 7 countries
Bitcoin recently surpassed its all-time high against the Russian rouble earlier this month. The asset also broke its record against the Colombian peso a few weeks ago, completing the list, except for its closing tweet comment, which predicted that „all other fiat currencies“ would follow.

In terms of US dollars, Bitcoin has soared in recent weeks, leaving little room between its price at the time of publication of $17,267 and its famous level of $20,000.

Bitcoin reaches an all-time record for the Russian rouble
Bitcoin reached an all-time high of 62,102,236 Colombian pesos in the last 24 hours. Its previous peak in 2017 was 58,226,376. The peso broke that level for the first time on 6 November 2020, reaching 59,543,988 before falling back.

The leading crypto also surpassed its previous highest price level relative to the Brazilian real, the Turkish lira, the Argentine peso, the Sudanese pound, the Angolan kwanza, the Zambian kwacha and the Russian rouble, as verified by information on the Xe data site.

3 reasons why the price of Bitcoin reached USD 17,000, marking a new parabolic upward trend
Venezuela, however, shows charts for two major bolivar currencies: VES and VEF. The sovereign bolivar, or VES, took prominence in the country in 2018. The VES replaced the Venezuelan bolivar fuerte, or VEF. VES shows Bitcoin at record prices. VEF does not, although Bitcoin has continued to climb the charts.

Venezuela has received a notable adoption of Bitcoin after massive inflation hit the region.

For the first time since 2017: Bitcoin breaks over $ 15K – but this hurdle can be dangerous for him

The price of Bitcoin Revolution reviews shows a parabolic upward trend. It has risen continuously above major resistance levels over the past 48 hours.

In the short term, however, $ 16,000 remains the biggest hurdle. It also means that above $ 16,000 there is no real resistance to the all-time high of $ 20,000.

Based on Bitcoin’s strong timeframe high , the path to a new record high has become increasingly likely.

Bears or bulls – who has the upper hand at $ 16K?

Over the past week, sellers have been betting heavily against Bitcoin – especially short sellers in the futures market. At $ 14,000 and $ 15,000, traders on Binance Futures have been shorting Bitcoin more and more frequently.

As a result, Bitcoin’s refinancing rate has always remained neutral or negative despite the ongoing steep rally.

If Bitcoin’s low refinancing rate remains stable, that is crucial as it suggests that the spot market is leading the rally. The majority of traders in the derivatives are not buying or longing BTC, which suggests that the rally is not crowded.

So when Bitcoin crosses the $ 16,000 mark, the path to a new all-time high will be relatively easy.

Whether Bitcoin will break out of the $ 16,000 limit or experience a rejection remains in the limelight. Technical analysts remain uncertain about the trend of BTC, if only because of its sheer dynamism.

Historically, in parabolic rallies, BTC tends to strive upwards. The concurrence of current momentum and the parabolic nature of the price trend suggests that there is a likelihood of a prolonged breakout.

Michael van de Poppe, a full-time trader on the Amsterdam Stock Exchange, names $ 16,000 as a key level. He writes:

“The past few hours have been accelerating as we approach the next $ 16,000 weekly level. US stocks are doing their job as well, up about 7% (Nasdaq) in the past 36 hours. Let’s see where $ BTC will end, before or after $ 16,000. “

On-chain data stays positive

According to data from intotheblock, a blockchain analysis firm, the in and out of the money (IOMAP) scores suggest there is little resistance up to $ 17,000. The analysts on this:

“Our IOMAP indicator shows that #Bitcoin has little resistance to moving further towards $ 17,000. The greatest support is between $ 13,556.17 and $ 14,000, with 1.06 million addresses previously buying $ 763,000 BTC. “

If Bitcoin climbs to $ 17,000, as the IOMAP indicator shows, it would enable it to hit a record high before the end of the year.

An all-time high by late 2020 would put BTC in an ideal position for a broader rally in 2021, given the cycle after the halving. From 2016 to 2017, BTC continued to recover for 15 months after halving.

12 years ago Satoshi Nakamoto published a white paper on bitcoin.

12 years ago, on 31 October 2008, Satoshi Nakamoto published a white paper on bitcoin, a document describing the „digital peering cash system“.

Interestingly, Satoshi Nakamoto registered on 18 August 2008, more than a month before the white paper was published. He used the domain to host a PDF version of the whitepaper. Today, the bitcoin whitepaper is posted on more than 740 websites and is cited in more than 12,425 scientific articles – this was noted by the developer Jameson Lopp.

Initially, white paper did not generate much interest. Two days after publication, cryptographer James Donald was the first to respond to Satoshi’s message on the cryptography mailing list. And his comment was much less enthusiastic than, for example, Jack Dorsey’s words about the „beauty“ of white paper:

We really and really need this system, but as far as I understand your proposal, it is not scalable to the right size.

In order for the tokens that are passed on to have value, they must have value in monetary terms. In order to have a monetary value, they must be on a very large network – for example, a file trading network like bittorrent.

In order to detect and reject double spending in a timely manner, everyone must have a majority of past coin transactions, which is naively implemented and requires that every pirate has a majority of past transactions or a majority of past transactions that have occurred recently. If hundreds of millions of people make transactions, that is a lot of bandwidth – everyone has to know all or a lot of data.

Satoshi received several comments from people who doubted the future of the bitcoin concept. Hal Finney was the first one to support Nakamoto and later made a significant contribution to the development of bitcoin. He wrote a week after the white paper was published:

Bitcoin seems to be a very promising idea. I like the idea of basing security on the assumption that the CPU power of honest participants exceeds that of the attacker. It is a very modern concept that uses the power of the „long tail“ concept. I didn’t think Wikipedia was promising when it came out, but it became successful for the same reasons.