3 Factors That Helped To Drive Bitcoin Past $16,000 This Past Week
The following is a contributed article from a content partner of Benzinga
Bitcoin (BTC) has been on a tear over the past couple of weeks. Throughout November, the leading cryptocurrency has rallied from $13,500 to highs over $16,000. Stepping back further, BTC has gained 50% in the past 30 days, outperforming other asset classes like stocks, bonds, and precious metals.
Underscoring this rally are three key market trends suggesting demand for Bitcoin and altcoins is increasing. The increase in demand has subsequently pushed this asset class higher.
An Uptick in Retail Entrants
During this move higher, platforms within the cryptocurrency space have registered a strong increase in usage by retail entrants.
Simplex, the industry leading European Union-licensed service that allows retail users to purchase and sell cryptocurrencies, has reported a strong uptick in new users. Over the past week, the platform has registered a 63% increase in new on-ramps that allow users to buy leading digital assets with fiat currency.
On-ramps are portals through which investors can easily exchange fiat currencies for …