Bitcoin hit a fresh 2020 high this week reaching $9,570 on the Luxembourg-based bitcoin and cryptocurrency exchange Bitstamp Thursday evening. The latest bitcoin rally comes along with an increase in the price of gold, which has climbed as investors fret over the spreading coronavirus. As the spreading virus causes more deaths, travel interruptions, manufacturing slowdown the feat factor is all but certain to increase in the days and weeks ahead. Our own analysis sees BTC claiming to its 2018 peak of $19,000 or even further. It is a safe bet it will soon exceed $10,000.
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As the crypto market surges many bitcoin and crypto analysts have pointed to geopolitical uncertainty being the cause for bitcoin's latest move higher, though others are unwilling to classify bitcoin as a safe haven just yet. Should the virus begin to kill tens of thousands and cripple industry and travel throughout the world there is no way of estimating the panic that may set in. Gold is fine and proven safe asset, but crypto is far more fungible with over 300 exchanges where it can be traded for fiat money as well as other cryptos.
As the cryptomarket surges, litecoin rallied around 10% over a 24-hour trading period at the end of the week. We urge readers to open our pages to the full coin market and world-wide exchanges and follow the developing panic in real-time.
