Bitcoin’s Christmas present: a new historical peak
- Bitcoin reached a new record (ATH) of $24,680 on 25 December.
- Bitcoin continues to reach new all-time highs as institutional investors enter the sector.
- Real Vision CEO Raoul Pal believes the BTC could rise to $1 million.
On the day of December 25, Bitcoin reached $24,680 in the space of a brief leap. At the time of writing, the BTC is just above $24,500.
Bitcoin’s record high (ATH) was a holiday highlight. Cameron Winklevoss, co-founder of Gemini Exchange and crypto bull, tweeted congratulations after the peak :
A week of roller coasters
Only a few days after reaching new ATHs, Bitcoin reached a new peak on December 25th. If it wasn’t the $25,000 gift that Bitcoin Era some people were asking for under their Christmas tree on Christmas Day, the $24,600 zone probably puts that figure within reach, at least psychologically.
Bitcoin doesn’t care about XRP’s setbacks
This increase also comes after all cryptomoney businesses have recovered from a global downturn. On December 23, the US Securities and Exchange Commission (SEC) filed suit against Ripple.
The SEC claims that Ripple’s XRP is a security. The BTC hit short-term lows after the announcement, dropping to around $22,700. However, driven by the influx of institutional investors, Bitcoin returned to its peak record fairly quickly.
XRP, which had flirted with the $0.60 zone on December 20, hit a low just below $0.23 on December 24 and is now in the $0.30 range.
Who has CTC under their tree?
The Bitcoin ATH news follows the publication of a tweet by Glassdoor indicating how widespread CTC is now. According to its graph, on Christmas Eve there were over 800,000 wallets containing coins over 1.0 BTC.
This figure has surprised some observers, considering that there are 7.8 billion people in the world. However, it also goes with a total of more than 33 million addresses with non-zero balances.
This historic summit is a great Christmas present for Bitcoin hoddlers. Will it be the trough of 2021? According to the CEO of Real Vision, Raoul Pal, it could be. On December 24th, Lark Davis published an interview with Mr. Pal.
In the interview, Pal explains that this post-halving cycle is different from previous ones. The major change in market structure, he says, is that institutional investors are present. That’s not really news to the community.
What Pal is paying attention to, however, is the effect that institutional investors are having on the market. He sees less volatility in the future. He also expects to see exchange traded funds appear as companies seek to avoid paying Grayscale’s commissions.
Looking ahead to the next cycle, earnings are expected to be lower due to the changing market landscape. And this time? Pal says that if Bitcoin acts as it has in the last two cycles, the peak would be $1 million.