Bitcoin hit a new all-time high today — $25,559.20 according to coinmarketcap.com, — just two days after CNBC called it a safe haven.
Bitcoin rallies to within 1% of all-time high, gaining safe-haven status during shutdown
Bitcoin rallied on Friday to within striking distance of its record high as the U.S. government’s shutdown entered its third day.
The world’s oldest cryptocurrency is trading up roughly 2% on the day at $123,874. That’s about 1% below its all-time high price of just north of $124,000, which it reached in mid-August.
Investors are flocking to the decentralized asset after U.S. lawmakers failed to strike a deal on federal funding, forcing the U.S. government to shut down on Wednesday. Bitcoin surged 12% this week alone. — CNBC report
At $125.5k, Bitcoin's market capitalization hit $2.5 trillion, just $0.20 billion away from reaching silver’s market cap.
It is interesting how people react to price movements, maybe it's mostly how the news presents it because if we look closely at the asset's performance over 90 days, we'd see that it is up only about 13.56%, and much of those gains happened in the past 7 days.
This means that Bitcoin hasn't had the most beautiful ride over the past 90 days.
The most significant Bitcoin rally occurred in November-December when the asset rose in price by over 56% in a little over a month's timeframe.
But somehow, this is the rally that gets people most excited (top signal?).
I wouldn't know to predict when we will peak and frankly do not care because I don't trade those price movements.
That said, I think it's worth looking at what really matters and that's assets moving on-chain. As an ecosystem, we should be looking to capitalize on this, not chasing pumps because doing so only exposes us to capital that seeks to flush unsuspecting traders.