By Hassan Mehmood (Saudi Arabia)
After an aggressive week, Bitcoin has made its resting place around $23,000. Opposite to analysts’ predictions of massive sell-off at the weekend, there is no such thing happens as the price is passive in nature.
As per the data provided by CoinMarketCap, the price value of the top digital asset is standing at $23,575 after an increase of 4.75% in the last 24-hours.
Bitcoin Witnesses New Records
This week has made history as Price value reached above $24,000 for the first time in its entire history. Over the week, the flagship cryptocurrency has witnessed a surge of 26.32%, which is a record performance.
A lot of market analysts predicted recently that BTC markets would see an enormous sell-off after reaching of price at around $23k. But that was just speculation, and currently, the price seems to be passive at $23,000.
The fear and greed index is high, but some reputed crypto members are bullish for the top digital currency. Recently, the analysts at analytics firm Santiment passed bullish comments at the time when the price line was in “uncharted territory.” Currently, there is an aggressive discussion going on over Twitter and Reddit about the immediate future of the flagship digital currency. According to Santiment:
Also read:“Traders appear to be quite bullish about this pullback from #Bitcoin‘s $23.7k all-time high yesterday. Now at $22.7k, the amount of discussion related to #buy, #buying or #bought is at its highest level since the last mild pullback on December 1st.”
Analysts at on-chain Crypterium analytics present a bullish picture for Bitcoin. They even expect $25,000 from the top digital asset in the coming days if investors infuse capital in it. They also claim that Christmas is coming that could push the price further upward, and in case of correction, the level at $20,000 will act as a strong support level.
The topmost catalyst behind Bitcoin’s growth is the accumulation of BTC on the part of institutional investors. Currently, almost 953,190 BTC are present in the custody of institutional players, and the holdings of Bitcoin have jumped by 7.24% since December 9.
Bitcoin’s bull run has also affected altcoins’ whose price values have also pumped significantly. Ethereum, the second-biggest cryptocurrency by market cap, has jumped by 18% over the last seven days, which is an enormous increase. On Wednesday, the Ethereum’s price was standing at $595, which then jumped to $671 on Thursday.
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