The Bitcoin price (BTC) has finally surpassed its $20K benchmark for 2020, trading at $22,753 (N10,881,625) at the time of this report, that the highest price in history.
The most valuable digital asset made the $22K, gaining 16.76% in the last 24 hours. However, crypto analysts are forecasting short-term trends.
Massive price swings are becoming more likely due to higher open interest and rising whale inflows, a cryptoslate writer says.
BTC price drives Altcoin price
The price of bitcoin, as usual, has driven up prices of BitcoinCash (BCH), Ethereum (ETH), Litecoin (LTC), XRP and other altcoins.
The mostly strive on BTC is on the crazy move – its upward or downward movement affects altcoins.
For instance, BCH gained 8.55%, LTC gained 15.68%, ETH gained 10.22% while XRP is the most gainer, making 22.88% in the last 24 hours.
What Excited Crypto Enthusiasts Are Saying
On Twitter, a pseudonymous trader is known as “Bitcoin Jack” said the BTC price can “cascade up and down viciously.”
“Liquidity is so dry you can clear the sell-side on Bitstamp with one buy order of <650 btc lol. Obviously, sellers would step in, stops etc, but what I’m trying to say is that books are once again super thin after this recent push, price can cascade up and down viciously,” he tweeted.
Cameron Winklevoss tweeted:
Today, #Bitcoin got the monkey off its back. It took three long, hard-fought years, but the $20K glass ceiling has been shattered. A turning point for our movement. With the wind at our backs, we continue our work to build a future w/ greater choice, independence, and opportunity
Another analyst Jammy Song said:
“The daily candle just closed +$1900. That’s more than double what #Bitcoin was worth 4 years ago. Some day, we’re going to see a +$40,000 candle.
While hundreds of others are doing a giveaway to celebrate the new price.
Lets do a #giveaway $200 into 1 person in 2 hours that follows my good friend @AltcoinSherpa. Merry Christmas and buy #Bitcoin
At this time, there are no historical resistance and support levels above $20,000, it is uncertain if it would maintain the rally until the next top.
A lot of people in the bitcoin community in Nigeria are also excited about the new price.
By 2025, it is predicted to worth $341,000 and $397,727 by 2030, according to bitcoin prediction in a report.