For the second weekend in a row that institutional investors have to sleep, Bitcoin is picking up steam again.
On January 2nd, BTC reached a psychologically important all-time high, surpassing $30 for the first time. The event took place just 000 days after the first $17 break. The $20 average was reached eight days ago on December 000th.
Bitcoin just crossed $ 32000.
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In a tweet, co-owner of Bitcoin Bull and Gemini trading platform Tyler Winklevoss noted the speed with which the leap has occurred.
Well that escalated quickly. # Bitcoin now above 31k pic.twitter.com/rJVRxTs4kL
- Tyler Winklevoss (@tyler) January 2, 2021
Increase in volumes
Bitcoin trading volume totaled over $ 49 billion, more than 13% more than on January 1. However, this volume is still well below the highs reached in mid-December. The peak market volume at that time was in excess of $ 70 billion per day.
Where is it from?
We've been reporting on the likelihood of new all-time highs since the bullish trend began towards the end of 2020. Bridging $ 20 seemed like a matter of time, and technical indicators at the time indicated there was more room for growth.
At the end of the month, speculation about BTC's next moves remained fairly low. Those with a good memory indicated that Bitcoin is setting multiple records in short periods of time.
Is buying # Bitcoin when it just reached a new all time high a bad idea? Let's see ...
- Jan Uytenhout (@uytjan) December 22, 2020
However, the question of who exactly raised prices was a favorite topic of the crypto community in December. Observers recognized the arrival of institutional investors as vital to receive over $ 20000 worth of bitcoins. The fact that only GrayScale bought more bitcoins than miners earned in November and December made it clear that bitcoin is in serious demand.
BTC Retail High
Observers point to the $ 25K breakout as a result of retail traders. The jump came on a long weekend on December 25, when institutional and corporate investors were at home. Most of them were celebrating Christmas, and the volumes do not suggest that the jump was pre-set before the holiday.