Christmas present for investors – Bitcoin climbs to another record high
Bitcoin (BTC) once again cracked the US$24,000 mark on Christmas Day and in the same breath hit a new record high. So just in time for the festive season, there is reason for investors to rejoice.
As data from Cointelegraph Markets, Coin360 and TradingView shows, Bitcoin Sunrise had initially knocked repeatedly on the door of resistance at US$24,000 on today, 25 December.
On the crypto exchange Bitstamp, a new record high of just under 24,500 US dollars was then reached, making the presents for crypto investors all the nicer. The negative market sentiment after the SEC complaint against Ripple and XRP does not seem to affect the market leader.
Some experts had already anticipated such a development, because at the end of the year Bitcoin considerably expands its own market lead over the altcoins, before the tables are usually turned again in January. Cointelegraph Markets analyst Michaël van de Poppe had also recently taken this line.
„Bitcoin’s market dominance has peaked in December in each of the past years. This has been the case every year so far,“ he writes. To that effect, the expert adds:
„The likelihood of this happening again is high, especially given the current sentiment around altcoins. I’m optimistic about Q1 2021.“
It’s also Christmas for altcoins
With the holiday season upon us, large purchases by institutional investors that could drive liquidity down, and therefore price up, have become less likely.
However, as Cointelegraph reports, large investors don’t seem to be driving this strategy anymore anyway, as software maker MicroStrategy, which now owns more than 70,000 BTC itself, says it prefers to make a variety of small investments rather than invest a large sum.
The altcoins were also able to make gains at Christmas, with Ether (ETH) falling back to 600 US dollars, while XRP climbed back up to 0.35 US dollars after losing a hefty 60%.