BREAKING: Bitcoin Hits $16,000, Logs New 2020 High

News
Wed, 11/11/2020 - 18:17
article image
Alex Dovbnya
The world's largest cryptocurrency has soared to a new 2020 high of $16,000 on the Gemini exchange
BREAKING: Bitcoin Hits $16,000, Logs New 2020 High
Cover image via nl.123rf.com

Bitcoin, the flagship cryptocurrency, has hit a new yearly high of $16,000 at 18:09 UTC on the Gemini exchange. It is currently up more than four percent over the past 24 hours.

16K
Image by tradingview.com

This is the first time that the top cryptocurrency has touched the aforementioned level since Jan. 8, 2018.  

Bitcoin has already surged nearly 15 percent in November after a record-shattering October monthly close.      

It is trading in the green together with the S&P 500 following a sharp correction on Nov. 7. Meanwhile, spot gold is down nearly 0.80 percent. 

As reported by U.Today, Bitcoin is currently more correlated to stocks than the lustrous metal, showing its risk-on side.   

The crypto king has been on a tear since PayPal allowed crypto spending on Oct. 21, soaring close to 35 percent since the news broke.          

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.