Bitcoin is exploding higher once again after consolidating under $18,000 for a number of days. The leading cryptocurrency just minutes ago passed $18,700 for the first time since the top of the previous bull market in 2017. The coin is up approximately 6% in the past 24 hours, having bounced back from the local lows in the $17,200 region.
Ethereum is up as well. The coin is pushing $510 as of this article’s writing, which are prices last seen near the 2018 peak. ETH is up 9% in the past 24 hours while altcoins have enjoyed notable gains as well.
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Bitcoin Presses Higher on Wall Street Support
Although it appears there are some technical trends driving this Bitcoin move, the cryptocurrency seems to be moving higher on the day due to fundamentals too.
Today, a chief investment officer of Blackrock, one of Wall Street’s biggest and most reputable companies, revealed that he thinks cryptocurrencies are here to stay.
He added that he thinks the leading cryptocurrency, Bitcoin, could replace gold over time.
BlackRock’s CIO believes Bitcoin could replace Gold.
“I think crypto is here to stay.”
BlackRock has $7.3 trillion AUM. pic.twitter.com/q7nMFpgeVY
— Yano (@JasonYanowitz) November 20, 2020
Analysts see this news as notable for many reasons. Raoul Pal, CEO of Real Vision and a former hedge fund manager, commented on the matter today:
“This is huge news. This is the largest asset management firm on earth. 2021 is setting up to be a year of severe supply shortages vs. demand in Bitcoin, and upside price dislocations.”
This comes shortly after investors such as Stanley Druckenmiller and Paul Tudor Jones, both legends in the investing world for outperforming in 2008, also announced their support for Bitcoin.