How long will the BTC rally last and how is it different from 2017?

For the first time since mid-December 2017, the bitcoin rate exceeded $19,000.On Tuesday, November 24, the largest digitalthe currency reached $ 19,283. Over the past 24 hours, BTC capitalization increased by 5% to $ 356.341 billion.

The strengthening of bitcoin is observed against the background of the weakening of the position of the US dollar in the global market, analysts say. The US currency index today fell to 92.3 points.

The Santiment team notes that in justeight months after the March crash, BTC was able to make a historic breakthrough. Nowadays, few analysts doubt that this year we will repeat the race of three years ago. Moreover, the $20,000 mark can be reached before the beginning of December.

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Managing Director of the eToro US Platform GuyHirsch is confident that the 2020 bull market debunks the idea that bitcoin could be the new tulip mania, as “tulips did not have the second wave of buying that bitcoin is going through.”

"Most likely, the price will continue to rise", - the CryptoQuant company wrote earlier, referring to the increase in institutional participation in the bitcoin market and the sluggishness of miners regarding the liquidation of the assets at their disposal.

Along with the exchange rate, trading volumes also grow. Last week, bitcoin broke the $ 18,000 mark with volumes of about $ 20-30 billion, and today they amount to more than $ 50 billion. As noted by The Block analyst Larry Cermak, Binance trading volumes have exceeded all previous highs.

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“Retail investors have not yet fully entered themarket as opposed to institutional, so the current situation looks more like 2016 than 2017. We will definitely see a break above $ 20,000 soon to set a new all-time high by Christmas. As bitcoin gains acceptance among more retail investors and established companies, it will be difficult to tell how high it will rise. "- said the CEO of the Stably platform Corey Hoang.

The current rally will be longer than 2017

Analyst Mati Greenspan believes that the current situation on the cryptocurrency market is qualitatively different from the situation that was observed three years ago.

In 2017, the rise in the price of BTC to $ 20,000 was the result of the entry of speculators into the crypto sphere. Now the market is controlled by corporations and large investors interested in its stability.

As an example, Mati Greenspan cited the factthat Fidelity recently created a division to enable clients to invest in digital assets. Then it became known that the financial giant PayPal launched a service for exchanging fiat money for bitcoin.

Entry of large players to the cryptocurrency marketleads to the fact that volatility will weaken, and this area will become more attractive, quotes the analyst of the CNBC television channel. Greenspan expects further updates to Bitcoin's highs later this year.

Pascal Gaultier, CEO of Ledger, shares a similar point of view. In his opinion, the current rise of BTC will be longer compared to the rally three years ago.

He emphasized:

&#171;Bitcoin has reached acceptance and maturity, making it the only coin that is here to stay. 2021 will be an exciting year, with new products and services coming to the industry.

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