Bitcoin and the crypto economy continue to see strong gains as the price of the leading crypto asset hit an all-time high on Saturday December 19, 2020. That morning around 11:45 a.m. EST, bitcoin hit a high of $ 24,217. , but was pushed below the $ 24k handle shortly after.
The entire cryptocurrency economy is up more than 10% in the past seven days as a number of crypto assets have seen decent price increases. Bitcoin (BTC) jumped above $ 24k and hit as high as $ 24,217 on Saturday-afternoon.
At the time of publication, the leading crypto asset, in terms of market cap, is trading at $ 23,423 per unit. BTC is up 21% in the past week, 25.1% in the past 30 days and 124% over the 90-day period. The market dominance compared to the rest of the crypto economy is 65% today.
Ethereum (ETH) is also doing well this weekend, up more than 9% this week and 26% in the last 30 days. At $ 646 per ether, the crypto asset is also up more than 90% in the last 90 days. The third largest crypto asset market belongs to XRP as each coin is traded at $ 0.57 per token. XRP is up 10.9% in the past week and 146% in the past three months of trading.
In connection XRP is in fifth position litecoin (LTC), which trades at $ 113 per coin. LTC has seen a hefty peak of 40% this week and 168% over the 90 days. The sixth largest valuation of crypto assets is held by bitcoin cash (BCH), which has a market capitalization of approximately $ 6.74 billion. Against the USD, BCH is up 25% this week and is up 62% in the last three months. At the time of going to press, bitcoin is trading cash for $ 350 per unit and $ 4.8 billion in global trading volume.
While fans of digital assets have been digging the price hikes, a large number of traders with bearish positions have been liquidated this week. According to data from Coinalyze, there were massive trading volumes on Friday and “$ 80 billion in future markets, $ 10 billion in spot markets.”
“$ 800 million was liquidated: both longs and shorts,” Coinalyze added. “In the past two days, $ 1 billion shorts have been liquidated.”
Meanwhile, “Finder’s 2021 Bitcoin Predictions Report” questioned 47 experts and 58% of panelists expect the bull run to last at least until the second half of 2021. Interestingly, the panelists surveyed discussed their predictions earlier in early December. bitcoin (BTC) touched $ 20k. However, a majority of those surveyed said so BTC will drop sharply after it reaches peak value.
Gavin Smith, managing partner of Panxora Crypto Hedge Fund, took part in Finder’s survey and believes that bitcoin (BTC) will end the year above the $ 20k handle.
“Bitcoin is now being used as a hedge against fiat money printing by early adopters in both the retail and institutional sectors,” said Smith. “This trend is expected to continue. We don’t believe this will be a continuous rise, we expect the market to show high volatility both up and down but with a clear preference for higher levels. ”
What do you think about bitcoin reaching its all-time high on Saturday? Let us know what you think about this topic in the comments below.
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