Bitcoin (BTC) Offers Christmas Gift, Hits New All Time High
Today is Christmas day and Bitcoin holders have a lot to celebrate after the leading coin hit a new milestone.
Bitcoin Creates New All-Time High
Bitcoin continued its recent rally in the early hours of the day as it moved above the $24k mark. The leading coin fought off an initial retracement before surging past its previous resistance point of $24,200.
In the process, the leading coin surpassed previous all-time highs of $24,217 towards new regions. According to data from CoinMarketCap the leading coin set a new price record of $24,596. Following this milestone, Bitcoin retraced temporarily to around $23,800 before resuming its bullish movement.
At the time of publication, Bitcoin is priced at $24,430 and looking poised to make an attempt on the $25,000 psychological barrier. However, a dip in price could see the leading currency drop to its next major support level of $23,000.
Bitcoin’s rally has also been extended to major altcoins with the crypto market largely trading green. Embattled cryptocurrency XRP is one of the surprise gainers with a 38.4% increase in the past 24 hours. This is despite the ongoing legal battle between Ripple and the SEC. Ethereum is also up by 7.55% while Litecoin is also into double figures at 15% and Bitcoin Cash (12.76%) rounds up the top six.
Great Bullish Rally Shows No Signs Of Slowing Down
Bitcoin continues to surpass all expectations in 2020 with its extended bullish run. The leading cryptocurrency has been able to brave economic problems like the covid-19 pandemic that crippled global finance. Moving from a yearly low of $3400 in March, BTC has more than tripled its price since then. This culminated in the coin breaking its three years all-time high in November and breaking the $20k barrier some weeks ago.
As expected the growth of Bitcoin has become well-publicized with several traditional players indicating their interest in the coin. Several institutions have made huge investments in BTC in recent months. MicroStrategy and Grayscale own investments in Bit coin worth $1 billion respectively.
There have also been predictions from several analysts that this bullish coin will continue in 2021. A recent Citibank report suggested that the price of Bitcoin could hit $300k by December 2021. All this points to the fact that the bullish rally looks unlikely to stop in the coming weeks.