Bitcoin (BTC) Surges Past $23000 as ETH Hits Yearly High

News / 17.12.2020

Bitcoin (BTC) continues to set records since breaking past the $20k resistance mark yesterday. The leading coin surged past the $23k mark in the last few hours before experiencing a slight retracement.

Bitcoin Sets New All-Time High

After surpassing the $20k mark, Bitcoin continued its upward movement with the bulls pushing the coin quickly above $21,000. After a brief retracement to $20,800, BTC continued its march, breezing past the $22k mark before dawn.

The bullish trend continued in today’s early hours, with Bitcoin trading close to the $23k mark. At around 10.10 UTC, BTC surged past the $23k mark in a massive bullish movement. In the process, the leading coin set a new all-time high of $23,586, according to data from CoinMarketCap. Within a few minutes, the coin retracted, losing 7% of its value, and is currently trading at around $22,600.

What makes today’s rally historic is that it is exactly 3 years since Bitcoin set its previous ATH in 2017. The market sentiment is positive, with key stakeholders celebrating this latest milestone by Bitcoin. Some analysts have also predicted that the price of Bitcoin could hit the $30k mark in the coming days. At the moment, this looks likely if the leading coin continues at its current pace.

Ethereum Surges Above $600

As expected, the bullish run from Bitcoin has caused a ripple effect in the market, with most coins trading green. Leading altcoin, Ethereum is a major beneficiary as it has embarked on a major rally in the last 48hours. During this period, Ether’s (ETH) price has by more than 20%, which was evident in the last few hours.

Ether surged past the $600 mark to record its highest price of the year at $666.66, according to data from CoinMarketCap. Despite this rally, its price remains 55% lower than its historic levels in January 2018, when it reached $1,448.

Other altcoins have also rallied in the last 24 hours, with Litecoin gaining 21%, Bitcoin Cash 9.32%, and XRP 22.91%. The global crypto market cap is also up by 12.93% and is valued at $649 billion. The major question is, will Bitcoin continue to progress or undergo a marked correction? The coming days will provide a clearer picture.

Olowoporoku Adeniyi is a blockchain enthusiast and crypto evangelist. Currently he loves all things crypto and covers happenings within the blockchain space.