The price of the leading cryptocurrency bitcoin repeatedly tested $24,000 resistance before Christmas. Now the price has reached just near $24,500. Bitcoin’s price hit $24,500 on Bitstamp at the time of writing. Bitcoin refused to conform to bearish prognoses, shrugging off lows that resulted from legal action against Ripple. Such a move was expected, coming late in the year when Bitcoin tends to dominate over other altcoins before a reversal takes place in January. Cameron Winklevoss also tweeted about bitcoin saying it is an intervention.
#Bitcoin does not require government intervention during a financial crisis — it is the intervention. A way for you to intervene and protect your hard-earned value.
— Cameron Winklevoss (@cameron) December 24, 2020
Bitcoin touches new all-time highs at the year-end.
The leading cryptocurrency was quite volatile this year as the price reached as low as $4,000 when the COVID19 pandemic hit. As the year comes to an end, bitcoin’s price reached new all-time highs after three long years. At the time of writing, the price of bitcoin is trading at $24,524. The US dollar is trading above its two-year low. Altcoins are also up on Christmas day, with Ether regaining $600 and XRP, fresh from a 60% drop from Ripple’s lawsuit fears, rebounded to $0.35. XRP gained after plunging 40% after the US SEC filed a lawsuit against Ripple over its ICO.
Bitcoin is expected to maintain a positive rally.
Bitcoin reached its all-time high on Christmas eve this year as the price broke above the $25,000 mark for the first time. There are several factors that boosted the price of the leading cryptocurrency to all-time highs. The institutional investment into the leading cryptocurrency has played a significant role in the recent bitcoin rally. Microstrategy bought worth $1 billion bitcoin this year. Several billionaires and big institutions have shown interest in bitcoin. Mainstream adoption of bitcoin has also increased this year amid the ongoing pandemic.