PayPal announces it will allow customers to exchange cryptocurrency
The price of bitcoin hit new highs in 2020 and has been trading at the highest level since July 2019. The catalyst was a report that PayPal will allow customers to trade cryptocurrency on the platform.
The price rose to a steep price of $ 13,000 (nice round number) on the Coin Base exchange. This was the highest level since July 10, when the price rose to $ 13,202.63. The high price for 2019 hit $ 13,868.44. Today’s decision topped the high price of $ 12,848.61 in 2020.
The digital currency closed at $ 7,157.95 at the end of 2019. The rise to $ 13,000 took the gain for the year to $ 5,842.05. This is a gain of 81.6% over the year. This far exceeds the gain of the NASDAQ up 28%.
Exploring the hourly chart below, Monday’s price is based on its 100 and 200 hour moving averages. These two moving averages converged, indicating a sideways market with no trend. The rise above the October 15 and October 13 highs to $ 11,641.38 and $ 11,736.02 was the catalyst for further upward momentum.