In brief
- Bitcoin's price has remained above $10,000 for 29 days and counting.
- This is the second-longest streak in the cryptocurrency's history, the longest being 63 days starting in November 2017.
- The record comes during a hectic week for Bitcoin, amidst David Portnoy's pump and dump comments.
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Bitcoin has today registered its second-longest period with a value of over $10,000. The cryptocurrency has now remained above the five-figure milestone for 29 days and counting.
With the previous second-longest period of 28 days ending yesterday, attention will inevitably turn to Bitcoin’s longest standing record of 63 days above $10,000, which began in November 2017.
"The question is what's different this time around? Investors interested in the entire crypto space have become more sophisticated, demanding more than they did while digital currencies were experiencing astronomical gains between 2017 and early 2018," said Charles Bovaird, VP of content at market advisors Quantum Economics.
"Since crypto investors have become more sophisticated, it creates an environment where digital assets and projects seeking investment can benefit from more sustained interest," he added.
Alternatively, it could be new interest in the wider crypto ecosystem. “With the recent increase in new capital aimed at the DeFi ecosystem, it's clear to see Bitcoin and the rest of the market has benefited from this. Fresh capital always moves to Bitcoin first. This is just the start,” said Charles Storry, co-founder of PhutureDAO.
The current price of Bitcoin is $11,360, according to CoinMarketCap. This constitutes a slight of approximately three percent during the last 24 hours, continuing a slightly downward trend since Bitcoin’s value was last over $12,000 on August 19.
However, the world’s famed cryptocurrency is not suffering from a long-term decline. CoinMarketCap figures show that Bitcoin has, short of minor ebbs and flows, been steadily increasing from a position of approximately $9,000 in mid-July.
It has also been a hectic week for Bitcoin, after Barstool Sports’ president David Portnoy’s now infamous pump and dump comments, where he said “the thing I like about pump-and-dumps in crypto is it’s encouraged. In crypto, you can pump and dump all day long.”
If Bitcoin can hold out for another 34 days, it will break yet another record.