Bitcoin price hits $ 24,500 and hits a new all-time high

Bitcoin (BTC) price again topped $ 24,000 on December 25th when bullish momentum returned at Christmas.

BTC / USD (Bitstamp) 1-hour candlestick chart. Source: trade view

BTC price within $ 200 of the new all-time high

Data from Cointelegraph Markets, Coin360 and TradingView showed this The BTC / USD pair repeatedly tested resistance at USD 24,000 on Christmas Day.

Having hit new all-time highs of $ 24,500 on Bitstamp at press time Bitcoin refused to deliver on bearish predictions and ignored the lows that resulted from a lawsuit against Ripple.

Bitcoin price hits $ 24,500 and hits a new all-time high
Bitcoin price hits $ 24,500 and hits a new all-time high

At press time, the largest cryptocurrency was trading at $ 23,900 with increasing volatility. with historical highs in sight at $ 24,217.

For some, such a move was expected towards the end of the year, as Bitcoin tends to dominate altcoins before reversing in January. Proponents of this view include the Cointelegraph Markets analyst, Michaël van de Poppe.

“Bitcoin’s dominance has peaked in December in recent years. He does the same thing every year. “, summarized during the day.

“The likelihood of this repetition is significant, especially when combined with the current sentiment on altcoins. Bullish for the first quarter of 2021 “.

Altcoins strike back after selling out after XRP demand

With the start of the holidays, Large acquisitions by institutional investors were less likelyas they had the potential to increase liquidity and further increase price developments.

As Cointelegraph reported, however, MicroStrategywith holdings of more than 70,000 BTC, It turned out that he was buying small quantities on a high frequency basis instead of moving the market with a flat rate.

Meanwhile, Altcoins also rose on Christmas DayWith Ether (ETH) brings back $ 600 and XRP, fresh from a 60% drop due to Ripple litigation, rose to $ 0.35.

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