On Sunday, Bitcoin closed to a high of 10,793 USD creating a record streak of daily closing above 10K USD in 63 days in a row. The most popular cryptocurrency made the most distinguishable record of enjoying high value for close to two months.
CoinDesk also reported the same.
Market Data Shows Bitcoin Maintaining 10000 USD Benchmark
Messari collected the market data over the last few weeks to present the report. The company showcased a similar record of maintaining 62 days consecutively in 2018 to January 2019. The crypto giant also reached its highest of all time at 19900 on the Coinbase platform after it went around 100 percent.
The company has fared well in the crypto markets, where it has stayed in the range between 10000 to 12000 USD for a long time.
Road Is Not Smooth For Bitcoin
Bitcoin is facing some challenges in maintaining the momentum as it fell from the high of 11,398 USD to close to 10.160 within 24 hours on September 3, and the company shifted to some selloff. Now the crypto behemoth strategized to ensure that it reaches 11000 USD as it is trading close to 10900 right now.
The coronavirus pandemic has created a looming effect on the economy across the globe making the currencies prone to uncertainly; thus, many people and organizations are shifting to Bitcoin and Gold for wealth. The steep increase in demand for Bitcoin may increase its valuation
As per the news of large organizations vouching for Bitcoin, the future stakes highly favorable for the crypto giant. However, the company has challenges of keeping the valuation high and maintaining the weekly and monthly close. There is instability in the stock markets that can have an adverse effect on the overall valuation of cryptocurrency.
Coin Metrics also reported that the markets are quite volatile about the 180 days return as the valuation of the major cryptocurrencies has gone down by close to 41 percent since September.