While the world is on holiday, Bitcoin is still at work. The biggest crypto is now on a record-breaking spree, with the bulls quite relentless. In the early hours of December 27, the crypto pulverized the $27,000 level to reach the then highest valuation ever.
Barely seven hours later, the biggest crypto smashed the $28,000 level around 11 a.m GMT. At the time of writing, Bitcoin has set a new all-time high for the infinity time for today at $28,348. Market tools and fundamentals indicate that the crypto still has a lot of momentum left in it, and it might explode to $30,000 even before December 30 as earlier predicted.
From $26,000 on Boxing Day, the BTC price has gained over 13% in value. Its total market capitalization has exceeded $500B, and it is now hovering around $525 billion. Its market volume has now spiked by around $50 billion in the past 24 hours.
On December 16, BTC exploded above $20,000 for the first time, and some analysts predicted that it might hit a 6-figure valuation by the end of 2021. It has so far gained over 170% in 2020, underpinned by demand from the bigger investors attracted to its huge potential for rapid gains; alleged resistance to inflation, and anticipation that it will turn into a mainstream mode of payment.
The digital currency fund manager of NabobTrade, the world's top cryptocurrency exchange, predicted in an interview on December 16 that, of course, the impact of COVID-19 in various countries will continue and the downward pressure on the economy will increase. Bitcoin will be price before the end of the year. Continue to break new highs and have the opportunity to approach 30,000 US dollars.
Bitcoin’s explosive rally has enjoyed a huge flow of coin to North America from East Asia, fueled by massive hunger for bitcoin among the bigger and compliance-wary United States investors and institutions.
The rally happening in the bitcoin market, which some investors are convinced that is a potential haven asset, an alternative to gold, has coincided with gold’s recent drop in recent months. For now, BTC is consolidating above $27,000, and it appears like it will head higher in the coming days.
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