The Bitcoin rate on Christmas set a new high at $24,688, pulling the altcoin market with it.
Recall that on December 16, Bitcoin for the first time confidently surpassed the 2017 maximum by $20,000, although it did not manage to step over this long-awaited mark right away. Today he came very close to the next psychological level of $ 25,000, but the bulls did not have enough strength to overcome it after such a long run. At the time of publication, BTC is trading at around $24,810.
For the cryptocurrency community, this situation was quite expected. During the New Year holidays, the entire cryptocurrency market is characterized by bullish dynamics. At the end of the year, it is common for Bitcoin to dominate altcoins before a correction occurs in January.
This is not the first time Bitcoin peaks in December, and it does so almost every year. But this time and in the first quarter of 2021, the bullish rally may continue for both Bitcoin and other cryptocurrencies.
Many analysts believe that Bitcoin will continue to confidently go up due to the increased interest of institutional investors. Pantera Capital CEO Dan Morehead believes that the investment of large organizations in Bitcoin has led to a lack of supply in the market, as Bitcoins are bought back faster than mined.
