Crypto Market Bullish as Bitcoin (BTC) Hits New Year Milestone

News / 01.01.2021

The crypto market is bullish today, January 1st, with the majority of the top 100 coins trading in the green. The leading coin, Bitcoin, continued its surge towards $30k as it achieved yet another milestone in the early hours of today.

Bitcoin Makes New All-Time High

Bitcoin’s bullish run has extended to the New Year as the leading coin continued its march towards uncharted territory. After suffering a major dip a week ago, Bitcoin was able to rebound on Monday, moving above the $26k mark.

The bullish trend continued during the week, and on New Year’s Eve, the leading coin began the day trading at around $28,200. This was followed by a major bullish movement that took it past the $29k mark for the first time. After which, a slight retracement occurred, with the coin trading around $28,600 in today’s early hours.

The leading coin made a renewed surge today and moved beyond the $29k mark some hours ago. The process created a new all-time high of $29,600, according to data from CoinMarketCap.  The sentiment within the crypto market is that the bullish run has only just begun.

The market sentiment for the leading coin is high, and the fear/greed index points towards extreme greed. If the current bullish run continues, expect to see BTC hit the $30k mark in the coming hours. While a change to the opposite direction could see the coin dip towards the $27k support levels.

Altcoins Make Major Gains

Bitcoin’s recent bullish run has unsurprisingly caused a ripple effect on the crypto market with many altcoins in the green. Embattled token, XRP is up by 7% despite the increasing delisting of the coin on leading exchanges.

Polkadot (DOT) is the biggest gainer among the top 50 coins moving above Bitcoin Cash to sixth on the coin rankings. The smart contract token is up 67% in the past week and recently hit an all-time high of $9.43. Litecoin also made slight gains, with the coin up by around $1.52% in the past 24 hours.

The total crypto market cap is up by 3.74% in the past 24 hours and is valued at $700 billion, while Bitcoin market dominance is 70.5%. This suggests that more investors are switching their crypto-assets into the leading coin.

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