Weekend Market Motion Sees Bitcoin Contact $24Okay, $1 Billion in Brief Positions Liquidated
Bitcoin and the crypto economy continue to see strong gains as the price of the leading crypto asset hit an all-time high on Saturday, December 19, 2020. Bitcoin hit a high of $ 24,217 that morning at around 11:45 a.m. EST, but was pushed below the $ 24k grip shortly afterwards.
The entire cryptocurrency economy has grown over 10% in the past seven days as some crypto assets saw decent price increases. Bitcoin (BTC) passed the $ 24,000 mark and hit a high of $ 24,217 on Saturday afternoon.
At the time of writing, the leading crypto asset in terms of market capitalization is trading for $ 23,423 per unit. BTC is up 21% in the last week, 25.1% in the last 30 days and 124% in the 90 days. The market dominance compared to the rest of today’s crypto economy is 65%.
The six most important markets for digital currencies as of December 20, 2020.
Ethereum (ETH) is doing fine this weekend too, up over 9% this week and 26% in the last 30 days. At $ 646 per ether, the crypto asset has also risen over 90% in the past 90 days. The third largest crypto asset market belongs to XRP as each coin is exchanged for $ 0.57 per token. XRP is up 10.9% in the last week and 146% in the last three trading months.
On Sunday December 20, 2020, Bitcoin Cash (BCH) appreciated significantly in value. BCH rose over 8.7% during the early morning trading sessions on Sunday (Eastern Standard).
After XRP in fifth place follows Litecoin (LTC), which trades for $ 113 per coin. LTC saw the increase increase 40% this week and 168% in the 90 days. The sixth largest valuation of crypto assets is held by Bitcoin Cash (BCH), which has a market capitalization of around $ 6.74 billion. Against the USD, BCH is up 25% this week and is up 62% over the past three months. At press time, bitcoin cash is being exchanged for $ 350 per unit and a global trade volume of $ 4.8 billion.
Bitcoin (BTC) hit a lifetime high on Saturday, December 19, 2020 at $ 24,217 per unit.
While digital asset fans unearthed the price hikes, a large number of traders playing bearish positions were liquidated this week. According to Coinalyze, there was huge trading volume on Friday and “$ 80 billion in future markets, $ 10 billion in spot markets.”
“$ 800 million was liquidated: longs and shorts,” Coinalyze said added. “In the past two days, shorts worth $ 1 billion have been liquidated.”
In the meantime, “Finder’s Bitcoin Forecast Report 2021” asked 47 experts and 58% of panellists expect the bull run to last at least through the second half of 2021. Interestingly, the panelists surveyed discussed their projections in early December, before Bitcoin (BTC) hit $ 20,000. However, a majority of respondents also indicated that BTC will drop sharply after reaching the top rating.
Gavin Smith, managing partner of Panxora Crypto Hedge Fund, took Finder’s survey and believes Bitcoin (BTC) will end the year above the $ 20,000 handle.
“Bitcoin is now being used by early adopters in both retail and institutional sectors as a hedge against pressures from fiat funds,” said Smith. “This trend is likely to continue. We don’t think this will be an uninterrupted increase. We expect the market to be highly volatile both up and down, but with a clear tendency towards higher levels. ”
What do you think of Bitcoin, which hit its all-time high on Saturday? Let us know what you think on this matter in the comments section below.
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