The price of Bitcoin is in the vicinity of its all-time high. No one knows yet whether the pioneering cryptocurrency will remain stable or will experience a setback.
Once again, the principal cryptocurrency on the market has left investors speechless after reaching above USD 19,000 for the first time since 2017. No one knows yet whether Bitcoin will break its all-time high or whether a correction is approaching.
The Price of Bitcoin Soars
The price of the pioneering cryptocurrency remains above USD 19,000 at the time of writing this article. In this way, it has achieved a cumulative increase of 66% over the last three months. However, it seems to be showing signs of a setback.
Everything seems to have happened very fast, but the price of Bitcoin has been rising little by little since “Black Thursday” in March. Many investors are afraid that the history of 2017 will repeat itself, but the set of circumstances driving it are different.
At the same time, gold has been bearish since August and seems to be moving to a balanced relationship between buyers and sellers.
However, various data points on the blockchain indicate that a setback in the price of the foremost cryptocurrency on the market is quite likely.
Crypto Stellar and XRP Join Bitcoin in the Bullish Run
According to data from CoinMarketCap, Stellar (XLM) has risen by 58% and Ripple (XRP) has increased by 33.39% in a matter of 24 hours.
Other altcoins have been experiencing a rebound as a consequence of Bitcoin’s bullish run.
According to TradingView, the price of XRP recently reached USD 0.92 for less than a minute.
Bitcoin’s Trading Volume on Binance Reaches a High
Bitcoin’s bullish run has led the entire crypto community to seize the day. In this sense, both the total trading volumes and the open interest in Bitcoin futures on Binance have reached all-time highs.
Bitcoin’s daily trading volume on Binance has reached an all-time high, exceeding the previous one occurring between late 2017 and early 2018.
Coinbase also experienced a major boom, but it has not yet managed to break its crypto all-time high.
Decisive Moment in Bitcoin’s History
Christine Sandler is the head of sales and marketing at Fidelity Digital Assets. She recently explained that the COVID-19 pandemic and productive regulations, among other factors, have helped the pioneering cryptocurrency a lot this year.
Sandler considers that 2020 has been a key year for Bitcoin adoption. For that reason, Fidelity is planning to open its services to retail investors at some point.
“In 2020, we saw broader adoption of that narrative of digital gold. It began to resonate among other groups of institutional investors, namely hedge funds, ultra-high-net-worth individuals, and family offices,” according to Sandler.
Confirmation of the ETH 2.0 Crypto Update Launch
Developers have experienced difficult moments of tension since the launch of the ETH 2.0 deposit contract occurred on November 4th. However, after meeting 94% of the goal, the confirmation of the launch of the crypto update took place on December 1st.
Many noted the low level of participation of the crypto community for a few weeks, which led them to question the possible launch.
However, users unexpectedly sent more than 200,000 ETH in 24 hours.
By Alexander Salazar