Bitcoin price, which has risen about threefold in 2020, closed at close to $29,000 on the last day. Ether prices have risen by as much as 450% last year.
- As of noon today, Bitcoin traded for about $29,280 each. That’s a 2% increase in 24 hours.
- Over the past 24 hours, Bitcoin has been priced between $27,916 and $29,459.
On the 31st, the price of bitcoin exceeded $29,000 each, recording a record high. After that, it quickly fell back to $27900. At noon on the 1st, it exceeded $29,200 again.
Looking at the monthly price, Bitcoin rose for three consecutive months. This is the first time since the second quarter of 2019. Bitcoin price, which soared more than 45% last month alone, ended with a growth rate of at least 290% in 2020.
As a result, bitcoin has risen significantly more than traditional assets like gold and stocks. In 2020, the rate of increase in gold prices was only 25%, and the rate of increase in the S&P index was only 15%.
2020 will mark a historic year in which Bitcoin has become a major asset. Famous publicly traded companies such as MicroStrategy have saved their assets from cash to Bitcoin.
Most experts believe that the price of bitcoin will continue to rise this year. “No one knows how the Corona 19 pandemic will affect the global economy in the long run,” said Binance CEO Changfeng Zhao. “But we are still in the midst of economic turmoil and historical fluctuations. In this situation, cryptocurrencies including bitcoin will continue to rise in price and stand at the peak of positive change.”
JPMorgan analyst predicts that Bitcoin’s entry into the mainstream market will hit gold prices.
However, Cryptoquant predicted that “If the inflow of spot from institutional investors slows, it could put a brake on the price increase in the short term.”
“Since the price of bitcoin exceeded $23,000 each, there has not been a significant outflow in Coinbase. While the amount of money flowing into the exchanges is decreasing, the rate of money flows across all exchanges is increasing. Grayscale’s Bitcoin holdings have reached 607,000 since the 25th of last month.”
EQUOS, a cryptocurrency exchange, said in a bitcoin analysis, “From a technical point of view, the bitcoin price of $27,300 is very important. After this price collapses, it easily falls to $25,300.”
Ether price rises more than Bitcoin
- Ether (ETH) traded for $744 each today at noon. That’s a 0.98% increase over 24 hours.
- In the last 24 hours, the price of Ether has been between $723 and $755.
Ether (ETH), the second largest of all cryptocurrencies, rose 450% in 2020. This is a figure that surpassed the 300% increase in Bitcoin price. On the 30th of last month, the price of Ether exceeded $757 each, reaching the highest level in 31 months. The highest price at the time was $730.
Ether prices have risen sharply in 2020 thanks to the explosive growth of DeFi (Decentralized Finance). It is expected to continue a bigger rise next year.
“The news that the Chicago Commercial Exchange (CME) will launch Ether Futures next month is a sign that institutional investors’ interest in cryptocurrency is increasing,” said an analyst at cryptocurrency data provider Mesari.
Bitcoin prices also rose sharply three years ago when CME announced its listing of Bitcoin futures. On October 31, 2017, when CME announced the launch of futures products, Bitcoin was trading for $6300 each. However, at the time of the first trading of futures on December 27, two months later, it soared to about $20,000 each.
Other market trends
According to CoinDesk 20, most cryptocurrency prices have fallen.
Key assets that made a profit
- Cosmos (ATOM) rose 19.37%
- Algo rose 6.47%
- Tezos (XTZ) up 5.97%
Stock market
- Japan Nikkei 225 Index 27444.17, down 0.45%
- UK FTSE100 Index 6460.52, down 1.45%
- US S&P500 Index 3756.07, up 0.64%
Commodity market
- 0.22% increase to $48.18 per barrel of Western Texas heavy oil
- Gold price rose 0.3% to $1900 per ounce
Government bonds
- 10-year Treasury bond yield fell to 0.917%
· Translated by NewsPeppermint.
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