Wednesday, January 20, 2021

Bitcoin price breaks above $24,500 for the first time on Christmas eve.

The Takeaway:

The price of bitcoin has broken above the $24,500 mark once again today as bullish momentum returned for Christmas, which is looking rosy for bulls.

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The price of the leading cryptocurrency bitcoin repeatedly tested $24,000 resistance before Christmas. Now the price has reached just near $24,500. Bitcoin’s price hit $24,500 on Bitstamp at the time of writing. Bitcoin refused to conform to bearish prognoses, shrugging off lows that resulted from legal action against Ripple. Such a move was expected, coming late in the year when Bitcoin tends to dominate over other altcoins before a reversal takes place in January. Cameron Winklevoss also tweeted about bitcoin saying it is an intervention. 

 

Bitcoin touches new all-time highs at the year-end. 

The leading cryptocurrency was quite volatile this year as the price reached as low as $4,000 when the COVID19 pandemic hit. As the year comes to an end, bitcoin’s price reached new all-time highs after three long years. At the time of writing, the price of bitcoin is trading at $24,524. The US dollar is trading above its two-year low. Altcoins are also up on Christmas day, with Ether regaining $600 and XRP, fresh from a 60% drop from Ripple’s lawsuit fears, rebounded to $0.35. XRP gained after plunging 40% after the US SEC filed a lawsuit against Ripple over its ICO. 

 

Bitcoin is expected to maintain a positive rally. 

Bitcoin reached its all-time high on Christmas eve this year as the price broke above the $25,000 mark for the first time. There are several factors that boosted the price of the leading cryptocurrency to all-time highs. The institutional investment into the leading cryptocurrency has played a significant role in the recent bitcoin rally. Microstrategy bought worth $1 billion bitcoin this year. Several billionaires and big institutions have shown interest in bitcoin. Mainstream adoption of bitcoin has also increased this year amid the ongoing pandemic. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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