Decrypt Staff

Bitcoin, the largest cryptocurrency by market cap, failed to hold on to prices above $14,000 this weekend. Despite breaching the $14k barrier on Saturday, Bitcoin today slumped back on the wrong side of the zeroes.  Its current price is $13,740, according to data from metrics site CoinMarketCap.

  

Today, all traders can do is share stories of yesterday's success. Yesterday, Bitcoin hit $14,028, the highest price since January 2018. And what's more, on the twelfth birthday of its whitepaper—and on Halloween, to boot.

Bitcoin's Price Highest Since January 2018 As Whitepaper Turns 12
In the broader picture, today's setback hardly matters. Bitcoin started the month at about $10,500, meaning it's increased by about $3,500 in under four weeks.

Bitcoin's price spike coincides with several major world events, including the pandemic and the US election. It has attracted large investors in recent months, such as Square and MicroStrategy. PayPal also announced that users could buy and sell the cryptocurrency.

> #Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy.
> 
> — Michael Saylor (@michael_saylor) September 18, 2020

 


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<span data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Bitcoin (BTC) is a peer-to-peer cryptocurrency, originally described in a 2008 paper by the pseudonymous Satoshi Nakamoto. Launched in January 2009, it was the world’s first cryptocurrency, and remains the most popular, with the highest market capitalization of all cryptocurrencies.\r\n\r\nBitcoin was built on several key innovations. Firstly, Nakamoto guaranteed that Bitcoin transactions were immutable, by recording all transactions on a distributed ledger known as a blockchain. Secondly, he ensured Bitcoin’s scarcity by capping the total number of Bitcoin in existence at 21 million. Finally, the community was incentivized to verify transactions by receiving rewards in the form of “mined” Bitcoin for checking the accuracy of the blockchain.\r\n&quot;}" data-sheets-userformat="{&quot;2&quot;:803,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:14281427},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;11&quot;:4,&quot;12&quot;:0}">Bitcoin (BTC) is a peer-to-peer cryptocurrency, originally described in a 2008 paper by the pseudonymous Satoshi Nakamoto. Launched in January 2009, it was the world’s first cryptocurrency, and remains the most popular, with the highest market capitalization of all cryptocurrencies.</span>

Bitcoin was built on several key innovations. Firstly, Nakamoto guaranteed that Bitcoin transactions were immutable, by recording all transactions on a distributed ledger known as a blockchain. Secondly, he ensured Bitcoin’s scarcity by capping the total number of Bitcoin in existence at 21 million. Finally, the community was incentivized to verify transactions by receiving rewards in the form of “mined” Bitcoin for checking the accuracy of the blockchain.

Bitcoin

Bitcoin (BTC) is a peer-to-peer cryptocurrency, originally described in a 2008 paper by the pseudonymous Satoshi Nakamoto. Launched in January 2009, it was the world’s first cryptocurrency, and remains the most popular, with the highest market capitalization of all cryptocurrencies.

Bitcoin was built on several key innovations. Firstly, Nakamoto guaranteed that Bitcoin transactions were immutable, by recording all transactions on a distributed ledger known as a blockchain. Secondly, he ensured Bitcoin’s scarcity by capping the total number of Bitcoin in existence at 21 million. Finally, the community was incentivized to verify transactions by receiving rewards in the form of “mined” Bitcoin for checking the accuracy of the blockchain.

Bitcoin is the world's largest cryptocurrency by market cap. IMAGE: Shutterstock

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Bitcoin, the largest cryptocurrency by market cap, failed to hold on to prices above $14,000 this weekend. What next?

Bitcoin Fails to Sustain $14,000+ Price

Bitcoin hit highs of above $14,000 yesterday. Today, it couldn't hold on to the victory.