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%.
“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.
“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.