Bitcoin continues to add to Christmas and provides a nice gift.
Bitcoin (BTC) once again cracked the $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.
BTC hits new record high on Bitstamp
As data from Cointelegraph Markets, Coin360 and TradingView show, Bitcoin had initially knocked repeatedly on the door of resistance at $24,000 today, December 25.
On the crypto exchange Bitstamp, a new record high of just under 24,500 US dollars was then reached, which makes the presents for crypto investors all the more beautiful. The negative market sentiment after the SEC lawsuit against Ripple or XRP thus 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 in each case, before the tables are usually turned again in January. Cointelegraph Markets analyst Michaël van de Poppe had also recently struck this note.
„Bitcoin’s market dominance has peaked in December each of the past few years. This has been the case every year so far,“ as he writes accordingly. To that effect, the expert adds:
„The probability of it happening again is high, especially with the current sentiment around altcoins. I’m optimistic about Q1 2021.“
It’s also Christmas for altcoins
With the start of the holidays, large purchases by institutional investors, which could drive liquidity down and thus the price up, have become less likely.
However, as Cointelegraph reports, large investors don’t seem to be driving this strategy anymore anyway, as software developer MicroStrategy, which now owns more than 70,000 BTC itself, says it prefers to make a variety of small investments instead of investing a large sum.
The altcoins can also gain on Christmas, so it went for Ether (ETH) back to 600 US dollars, while XRP has climbed back up to 0.35 US dollars after a hefty 60% loss.