The price of Bitcoin hit a new record this week, as the leading cryptocurrency recorded its 3 highest weekly closes ever in its 12-year history, data shows.

The weekly candlesticks in the chart below are an account of the price movements of Bitcoin over a seven-day period.

The open is the bottom of the candle where Bitcoin started to trade, except for the thin lines that represent price wicks, while the close is the last price paid by traders and investors in that period.

Here we have it.

Highest 3-watt shutdown in history.

GG guys.

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This is our time. 🤝 ♦ ️# bitcoin pic.twitter.com/S61keqVBId

– MacroCRG (MacroCRG) November 16, 2020

Previously, the Bitcoin price reached its highest price of around $20,000 in the first week of December 2017, Bitcoin closed the week with a significant drop at $13,500.

Price behavior at the time indicated that Bitcoin was extremely overvalued and that the $20,000 price was just a sideshow to the big long-term outlook, after which the Bitcoin charts moved in a downtrend from then until February 2019.

But the scenario has since changed, and the market is now accepting a higher price for Bitcoin.

Bitcoin’s most recent weekly candle closed at $15,960 with an increase of 18%, which indicates that the market is now valuing Bitcoin much higher than it did in 2017.

Some of the factors behind this are negative sentiment towards fiat currencies, led by the dollar, and fear of inflation as a result of quantitative easing, with many investors such as hedge fund manager Paul Tudor Jones and software company MicroStrategy turning to Bitcoin to protect their portfolios from inflation.

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Bitcoin has emerged as a stable and relatively decentralized store of value, not subject to any particular country and not subject to any governmental economic policy.

Michael Saylor, CEO of Microstrategy, who owns 17,732 bitcoins has become a vocal advocate of bitcoin and each time enumerates the features and recipes of revolutionary bitcoin like this tweet he tweeted last week:

# bitcoin It is neither a currency nor a payment network. It’s a bank in cyberspace, run by incorruptible software, offering a universal, affordable, simple, and secure savings account to billions of people who don’t have the choice or desire to run their own hedge funds.

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– Michael Saylor (@michael_saylor) November 12, 2020

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