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Market Wrap: Bitcoin Hits $18.8K as Total Crypto Locked in DeFi Passes $14B

Posted by Bill Rippel on November 22, 2020 - 12:30am


CoinDesk 20 Bitcoin Price Index

The price of bitcoin hit new 2020 highs as the “alternative to gold” narrative increases. Meanwhile, smaller crypto tokens might be helping push DeFi to new heights.

  • Bitcoin (BTC) trading around $18,638 as of 21:00 UTC (4 p.m. ET). Gaining 3.5% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $17,723-$18,813 (CoinDesk 20)
  • BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.

Bitcoin trading on Coinbase since Nov. 18.

Source: TradingView

Bitcoin’s price made gains Friday, going as high as $18,813, according to CoinDesk 20 data. The world’s oldest cryptocurrency then dropped a bit, to $18,638 as of press time. The last time bitcoin traded at the $18,800 level was back on Dec. 19, 2017, when the price went as high as $18,984.

Daily spot trading on Coinbase since 2017.

Source: TradingView

Some analysts see $19,000 as certainly within reach, but bitcoin won’t shoot straight up getting there, noted John Kramer, a trader at crypto firm GSR. “It feels more and more like we’re hitting a bitcoin tipping point,” Kramer told CoinDesk. “That’s not to say that the price will rocket past $19,000; in fact, a cooldown is to be expected.” 

Caleb Mpamei Thanks for the info. A cool down definitely is happening right now. Let's see when it will hit the 2000 mark.
November 22, 2020 at 3:55am
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