Bitcoin has been climbing lately, amid the COVID-19 pandemic that has been disrupting global financial markets. The world’s most popular digital coin has been having a good run, outperforming gold prices by +0.86% in the last 12 months.
This confirms its status as a viable store of value in times of quantitative easing and economic crisis. So far in 2020, bitcoin is up about 23%. For instance, today, it moved from $8,739.6 to $8,861 up 1.39%.
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“Bitcoin may have a couple more attempts at breaking back towards the psychological $10,000 level, but right now it seems the fundamentals could easily support that,” wrote Edward Moya, a senior market analyst at Oanda.
About 21 million bitcoins will ever be produced and presently, there are about 18.355 million bitcoins in circulation, according to CoinMarketCap.com.
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“We’re bullish over the next 12 months and expect prices may continue moving up into the [halving] and possibly after,” wrote David Grider lead digital strategist at Fundstrat in a Thursday report. Fundstrat’s 12-month outlook for bitcoin is $14,350.
Bitcoin traded at about $8,944 on Saturday evening, though it surged as high at $9,150 earlier in the day.
