Bitcoin price: Increased again
Early this morning (October 20), Bitcoin - the world's largest cryptocurrency by market value witnessed an upward trend, increasing slightly by 0.44% to 106,575.66 USD.
This new price contributes to bringing market capitalization to 2,145 billion USD, up 21 billion USD. However, trading volume in the first 24 hours continued to decrease, currently at 36.79 billion USD, down 9.42 billion USD.
Assessment and forecast
Bitcoin has had a volatile first half of October. At the beginning of the month, Bitcoin prices increased sharply as investors sought a hedge against the instability caused by the US government's shutdown.
However, last weekend, Bitcoin dropped from $121,000 to $104,000 after President Donald Trump threatened to impose a 100% tariff on Chinese goods.
Compared to gold, Bitcoin shows a slower recovery. Gold has hit a record high of over $4,300 and has gained 18% over the past month, while Bitcoin has not fully recovered, falling more than 9% against the USD during that time.
According to Sean Farrell - Head of Digital Asset Strategy at Fundstrat - gold is prioritized for its upward momentum and more stability. The central bank is a major gold buyer, providing additional protection for this asset.
Explaining Bitcoin's sharp decline last week, strategist Ed Yardeni said that due to the exhausted liquidity of the cryptocurrency derivatives market, with more than 19 billion USD in positions having leverage automatically liquidated to prevent greater losses.
However, cryptocurrency investors remain bullish on the Bitcoin market in October. Analysts predict that Bitcoin will increase in price by the end of the year, with JPMorgan expecting prices to reach 165,000 USD and Citi predicting that it could reach 181,000 USD by the end of 2026.
In Vietnam, Bitcoin and other cryptocurrencies are not recognized as a legal means of payment. Investors need to be cautious, avoiding risks from strong price fluctuations and fraud related to cryptocurrency.
