BTC (Bitcoin), the most favored and dominant cryptocurrency in history has once again breached another mark. Today, its price soared to $25K and setting a new all-time high in crypto history. The cryptocurrency is strongly going on a consistent price rally.
Bitcoin started trading at merely $7,189 at the start of the year as per data from Crypto.co. From then on, the price of the virtual asset continued to climb. Despite its crazy swings given its volatility, its price has been consistently bullish breaking ground every now and then. Finally, it has set another record today, the highest in its history.
Bitcoin has increased by 247% from its price at the beginning of 2020. The current price rally was an effect of the massive adoption by institutional investors.
Prices of other altcoins are also following suit. ETH (Ether) has increased by 7.17% with its price at $627 after declining at $585 this week. XRP on the other hand has rebounded after recording its lowest price at $0.215. Its price made a big jump by 75% and is currently trading at $0.37. The recent price dip was a result of a new lawsuit filed by the U.S. SEC on Dec. 22.
With institutional investors joining the new set of Bitcoin players, we will not be seeing a massive selling anytime soon. Bitcoin with a maximum total supply of 21 million has now a market cap of $ 460,528,294,822.
The prices of other major altcoins have also increased this week. Could this be an indication that the altcoin season is happening this year? But for this to happen, 75% of the Top 50 coins should perform better than Bitcoin over the last season (90 days). This is contrary to recent data by Blockchaincenter. Crypto investors are looking forward to this season every year but seems like this year is a Bitcoin season given its performance.
As of writing, Bitcoin is currently trading at $24,852.81. With BTC brushing the $25K mark, is it going to smack the $30K on its next swing? What’s going to be next for Bitcoin? Will it continue to dominate or will it be outperformed by other cryptocurrencies next year? Your thoughts.
