Bitcoin Price Trend Analysis: Breaking 20K and Institutional Investor Appetite Grows

Bitcoin-Breaking-20K-Institutional-Investor-Appetite-Grows

Bitcoin Price Trend Analysis

In the fourth quarter of 2020, on December 17, the world witnessed that Bitcoin hits a new all-time high of above $23,700 rising above 22% gains in value within 24 hours.

In December 2017, the market watchers observed Bitcoin surged by $20,000. The world’s most valuable currency has broken down its own record by hitting a new high record above $23,700 on Friday, 12/17/2020.

Current BTC Market

Bitcoin price today is $23,072 within 24 hours trading volume of $34.94 billion. Bitcoin ranked at first place with the current market capitalization of $429.03 billion. It has a circulating supply of 18,575,1250 Bitcoin coins & a maximum supply of 21 million is capped.

BTC-surges-passed-20kOn reviewing the BTC chart on Coinmarket cap, we analyzed that BTC price showing bull trends from $16, 574 as of November 27, 2020, with a constant upward increase in price, touched to the height of $23,072 on December 19, 2020, recorded a 39.20 % gained, just in 22 days.

The current Bitcoin currency market worth accounted for over $429 billion out of the entire market capitalization of $658.39 billion, constituted BTC dominance 65.1%.

The Unprecedented performance of Bitcoin during 2020:

In December, Bitcoin price hovered above $ 23700, taking its year-to-date gains more than 230%, when it was traded around $7194 on January 01, 2020.

Throughout the year 2020, Bitcoin remained the largest cryptocurrency, with a market capitalization between $100 – 200 billion in the first & second quarters with a price movement from $7100 up to around $10,000 by June 2020. It was the beginning of the record-breaking Bitcoin price hits a new all-time high.

BTC-CHART

Onward the third quarter, Bitcoin market capitalization rose above $200 billion market capitalization touched the price height over $12,000 in August with a somewhat dropped in price below $11,000 & market cap position in the month of September.

In the last quarter of 2020, an upward price trend began from $ 10,910 that remained continued to increase up to $ 19,148 from October 01 to Nov. 24 with a market cap of $355.26 billion. Then, it reversed to $16, 987, a – 11.2% slumped in price but at the same moment, the price of Bitcoin steadily rose to set a new high record $23,072 soared by 35.8%, surpassed $429 billion market capitalization as of December 19, 2020.

What Makes Bitcoin So Special?

Bitcoin over a decade of its existence remained the largest cryptocurrency with a market capitalization & dominant market share for online payment services, games, exchanges, wallets & more.

Crypto bull trends increased appetite from institutional investors to buy Bitcoin to boost inflows to funds & pitching Bitcoin as a hedge against inflation because Bitcoin has outperformed all major asset class during times of economic turbulence, especially event of a market downturn in Covid-19.

Bottom Line:

The strong performance of Bitcoin in 2020 & the growing appetite from institutional investors for Bitcoin indicating a sign of price increase in the future.

REFERNCES:

 

Institutional Grade Digital Assets Trading and Custodian Services built on the foundation of Security, Accessibility, Compliancy and Transparency.

Sign Up For Our Newsletter

ALT 5 Sigma covers fintech, blockchain, Bitcoin and cryptocurrencies bringing you the latest news and analysis on the future of money.