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Bitcoin has breached $17,000 for the first time in the last three years.

The flagship cryptocurrency hit $17,100 ahead of the New York opening bell Tuesday, forming another upward leg in a rally that has already ballooned by 58 percent in the fourth quarter. Meanwhile, its market cap closed towards $315 billion, just $20 billion away from its all-time high established in December 2017.

Bitcoin reaches $17,000 in a relentless upside rally. Source: BTCUSD on TradingView.com
Bitcoin reaches $17,000 in a relentless upside rally. Source: BTCUSD on TradingView.com

Since March 2020, when its price crashed to the yearly low of $3,858 amid a global market rout, Bitcoin has surged by more than 350 percent. On a year-to-date timeframe, it is up 136 percent.

Bitcoin’s latest parabolic rally serves as a reminiscent of the infamous 2017 boom. Back then, the cryptocurrency had stormed from $800 on January 1 to $20,000 on December 11, 2017. The only difference between then and now is institutional capital.

Then and Now

The previous rally ran hot due to the then-booming initial

I would like to announce that after years of dabbling I’ve jumped firmly onto the #Bitcoin wagon and would now like everyone else to do the same.

— Eoghan McCabe (@eoghan) November 16, 2020

More Bitcoin Gains Ahead

Alex Saunders, the CEO/co-founder of Nugget News AU, said Tuesday that the Bitcoin market is about to see the greatest parabolic advance ever.

He noted that the capital outflow from exchanges has increased against the rising Bitcoin prices. Meanwhile, less money is entering the trading platforms, which reflects traders are looking to hold Bitcoin instead of trading them for other assets.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin net transfer volume to/from exchanges. Source: BTCUSD on TradingView.com
Bitcoin net transfer volume to/from exchanges. Source: Glassnode

“Remember, Bitcoin hasn’t really scaled since 2017. Full Mempool + Euphoria = Empty exchange order books. $BTC Price = ???”

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