A rebound on December 25 saw BTC/USD hit new all-time highs as the hodlers celebrate a distinctly profitable year. Bitcoin is trading above $24,000 once more and earlier in the day it surged to $24,670 as the bulls dominated Christmas.
Data obtained from Coin360 and TradingView showed bitcoin repeatedly testing $24K resistance on Christmas Day. The flagship crypto hit new all-time highs on Bitstamp and it refused to conform to bearish prognoses. It shrugged off the lows that arose from the legal action against ripple.
At the time of writing, the biggest crypto is circling $24,400 as volatility intensified. The all-time highs of $24,217 that was set previously was broken and the token surged further.
For some, this move was expected, came late in the year when BTC tends to dominate over altcoins before a reversal takes place in January. Among the adherents to this vies is Michaël van de Poppe who summarized on the day:
“Bitcoin dominance has been topping out in December in the past years. Every year it did. The likelihood of this to repeat itself is significant, especially combining this with the current sentiment on altcoins. Bullish for Q1 2021.”
Altcoins Surge After XRP Lawsuit Plunge
With the holidays starting, huge buy-ins from the institutional investors were seemingly less likely, with these having the possibility to dredge up liquidity and enhance price performance even higher.
MicroStrategy has holdings above 70,000 BTC. The company announced that it bought small amounts on a high-frequency basis instead of moving the market with a huge lump sum.
In the meantime, altcoins have also recovered on Christmas, with Ether (ETH) regaining the $600 level and XRP fresh from a 60% plunge from Ripple’s lawsuit fears, rebounded to $0.35.
