Bitcoin price breaks new record in Q3 2020

Cryptomoeda has never been above US$ 10,000, or R$ 55,000 in the Brazilian market

The price of Bitcoin broke an important record in the 3rd quarter by maintaining its price above US$10,000 for a long period, or even R$55,982 considering the dollar price on Thursday (15).

In addition, according to a report by CoinGecko, the capitalisation market grew by 31% in the 3rd quarter of 2020 alone, while the price of Bitcoin was above the important mark for much of this period.

In total, it has been 72 days with a price higher than the psychological resistance that cryptomeda faced when quoted in five digits. This count continues beyond the 3rd quarter, with Bitcoin currently trading above that support.

Bitcoin breaks record

According to the quarterly report released by CoinGecko on the cryptomycrome market, the price of Bitcoin has been above this mark for over two months, breaking an important record by being kept above this psychological barrier.

For CoinGecko, the moment is considered important for cryptomoeda which has not performed well since what was considered the „crypt winter of 2018“.

„We are witnessing a record period for Bitcoin ( BTC ) since the crypto winter of 2018. This is the first time Bitcoin has been above the $10,000 benchmark for a sustained period of time, currently reaching 65 consecutive days by the end of the third quarter and counting“.

Bitcoin’s price stability has also resulted in important growth in cryptomeda with respect to the accumulated appreciation in 2020.

50% valuation in 2020

The CoinGecko report quotes that in the last nine months the price of Bitcoin has accumulated a valuation of over 50%. It was only in the 3rd quarter that cryptomeda also had a record price permanence.

It was on August 18 that the price of Crypto Revolt was above US$12,272, or approximately R$67,115 in Brazil, when considering the dollar price for that day.

According to the CoinGecko report, with this value the price of Bitcoin approached the 2019 record, when cryptomoeda was quoted at almost US$13,000, or R$71,075.

Driven by the rise of the dollar against the Brazilian real, Bitcoin was close to breaking the all-time record price in Brazil. While cryptomime reached around US$19,500 in the market at the end of 2017, that figure was equivalent to approximately R$69,500.

Thus, with the record price on August 18, 2020, Bitcoin came very close to breaking this historical value in the Brazilian market, after the dollar influenced the price of cryptomoeda.

„The third quarter also saw the price of Bitcoin reach a new peak of $12,272 on August 18, almost reaching the 2019 high of $12,996. The price of Bitcoin rose 50% year-to-date. However, the faltering trading volume suggests that investors may be on the sidelines due to ongoing economic uncertainty this year“.

Capitalisation market grows

In addition to the record price stability of Bitcoin in the market, the third quarter saw significant growth in the capitalisation market. In total, the capitalisation market grew by 31% in three months, while the trading volume also rose, but by 34%.

As quoted in the CoinGecko report, this increase was triggered by the rise of exchanges focused on Decentralised Finance (DeFi) projects.

In this case, the report notes that exchanges that operate in the decentralized market for cryptomoedas grew by 700% in September alone.