An unstable global economy, fears of inflation, and institutional investors warming up to cryptocurrencies have pushed Bitcoin prices to record closes.
The Bitcoin price set a new record this week as the pioneer cryptocurrency posted the highest ever three-week close in its 12-year history, data shows.
While Bitcoin reached its highest price of nearly $20,000 in the first week of December 2017, its weekly chart closed much lower at $13,500. This price behavior indicated that—at the time—the open market considered Bitcoin to be highly overvalued and the $20,000 price a mere wick in the longer-term outlook, with the tri-weekly charts moving in a downtrend from then until February 2019.
But the scenario has since changed, and the market is now accepting a higher price for Bitcoin. The latest tri-weekly candle for the asset closed at $15,960—an 18% increase—showing that the market is now valuing Bitcoin much higher than it did in 2017.
Read more: Decrypt