Bitcoin Makes New Record, Completes 66 Days Consistently Over $10K, The Longest Period Ever

01. Oct 2020 Posted by Akolkar B on News

Bitcoin (BTC) price has been consolidating around $10,500 over the last few weeks as investors have been eagerly waiting for the next bull run. However, Bitcoin has been hitting up new milestones currently.

Breaking its previous record of 2017, Bitcoin has completed its longest-ever-period holding above $10,000 levels. As per our Bitcoin historical data, ever since July 27, Bitcoin (BTC) price has never dropped below $10,000 and today, October 1, probably it will be completing its 66th consecutive day above these levels.

However, unlike the 2017 bull run, this time Bitcoin price has been moving in a very restrictive range $10,000-$12,500. What we can make out is that Bitcoin’s volatility has dropped significantly as he world’s largest cryptocurrency forms a strong base over $10,000.

Another data presented by CoinMetrics shows that Bitcoin 180-days returns volatility has dropped by 41% in September. At press time, BTC is trading at around $10,850 with a market cap of $198 billion. This will be Bitcoin’s strongest Q3 in its history. This will be the first ever time that Bitcoin will be ending the Q3 above $10,000 levels.

It’s not Bitcoin has managed to appeal only young investors or crypto enthusiasts. Over the last few years, even big celebrities have openly spoken in favor of Bitcoin and its future potential.

Bitcoin-advocator and Twitter CEO Jack Dorsey recently said the Bitcoin and blockchain will be shaping the future of his own social media company. While endorsing the decentralized social media standards at the virtual Oslo Freedom Forum 2020 on September 25, Dorsey said: "A lot of our value in the past was around content hosting. So we would host the tweets, the images, and videos”.

He further added: “Blockchain and bitcoin point to a future, and point to a world, where content exists forever, where it's permanent, where it doesn't go away, where it exists forever on every single node that connected to it”.

At Twitter Dorsey has also formed a designated team BlueSky to build an open protocol offering strong alternative to centralized social media platforms.

Coming back to Bitcoin, the digital safe haven is expected to move northwards breaking its crucial resistance and setting up on the next bull journey.