At 19:04, Bitcoin was officially trading above the $ 17.000 mark for the first time since January 7, 1.
This growth has pushed the total market cap of the leading cryptocurrency to over $ 315 billion, just below the record $ 335 billion. Bitcoin each setting.
Since hitting a yearly low of less than $ 4.000 in March, BTC has recovered by more than 3 percent. And if as of January 330, 1, the leading cryptocurrency has increased by 1%.
BTC's "spectacular spike" in 2020 reflected much of its 2017 trajectory, Ben Zhou - co-founder and CEO of derivative exchange Bybit - told CoinDesk in an email. However, an important difference in this growth is the "money of the institutions".
At its current prices, BTC is only trading about 15% lower than its all-time high of nearly $ 20.000, set in December 12.
The altcoin market is also following Bitcoin's development. The top altcoin coin, for example, is Ethereum (ETH), which is trading at $ 465, up about 20% this month.
Litecoin (LTC) has increased by around 30% since the beginning of the month. Even dogecoin, which remained quiet after July's brief TikTok fever, spiked almost 7% before falling slightly during afternoon trading hours.
Despite BTC's strong performance in a bullish momentum primarily coming from the spot market driven by North American buyers, trading volume on exchanges remains relatively unimpressive. For example, the monthly volume of the BTC / USD trading pair on Coinbase has been virtually unchanged since June.
However, November could mark a change in that trend, as OTC trading is developing at a stable level.