In the year 2020, Bitcoin has managed to triple its price successfully. It concludes the year by almost approaching $29,000. On the other hand, Ether has gained nearly 450%.
BTC has traded at $28,963 at 4 pm on 31st December which indicated a gain of 1.5% within the last 24 hours.
Bitcoin Reaches ATH In 2020
Bitcoin has recently recorded an all-time high of more than $29,000. This record high was witnessed on Thursday prior to registering a rapid pullback to the level of $27,900. This happened during the trading hours of the US.
Even though the price declined a little, the leading cryptocurrency according to the market value remains BTC. In fact, they are aiming for their 3rd consecutive monthly profit which was last achieved during Q2 in 2019.
This cryptocurrency has made a rally of more than 45% within the month of December and is right on track with a 290% gain to conclude 2020.
Price rally has out Bitcoin way ahead of the conventional assets including stock and gold. In fact, gold had a 25% gain this year. According to the benchmark of Wall Street, S and P 500, gold added almost 15%.
The analysts of JPMorgan has predicted the adoption of mainstream increase of Bitcoin will have a negative impact on the price of gold.
Nonetheless, the correction might be evident in temporarily whether the spot inflow coming from the slowing down of the institutional investors. This was reported by Ki-Young Ju, CryptoQuant CEO.
Technically speaking, the key support is $27,300. If this is breached this will open doors to the level of $25,300.
