Bitcoin is now trading above $18,500 after touching highs of $19,156 according to figures on Coindesk. The world’s leading cryptocurrency got another boost from the professional investor scene this week after Blackrock Chief Investment Officer said Bitcoin is “here to stay”.
Blackrock’s Rick Rieder also told CNBC that the digital currency could take gold’s place as a store of value because it is “much more functional” than carrying gold bars around.
BlackRock is the world’s largest asset manager. The firm is responsible for looking after around $8 trillion in assets. The recent PayPal news has investors wondering which payment companies will follow their lead.
Meanwhile, Bitcoin’s rally to new highs should pick up increasing media attention, which could instigate a rush of retail investor money, much like the rebound we saw in stocks earlier this year when the stimulus checks from the U.S. government poured into the market. The approval of asset managers like Blackrock is another step forward in this direction for Bitcoin and there are many who believe the rally is just beginning.
The next target for Bitcoin is obviously the all-time highs at $20,000. A move there will boost the overall market but this week’s move in Litecoin will already have investors wondering if this is an undervalued “sleeper” coin.
Litecoin was one of the top-performing coins of the week with a gain of over 30%. We mentioned how important the $80 level could be in last week’s article and the price now is now trading above that, reaching a high near $90 in early Monday trading.
Litecoin is gaining as the market buzzes with the rise of Bitcoin. The coin is seeing an additional $2 billion of daily buying volume compared to the start of November. The next targets for Litecoin are the $100 and 140 levels.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.