On the last day of what has been a pretty amazing year for Bitcoin, with institutional investment in finally gathering stream, Bitcoin seems on the verge of breaking $30,000.
It took the Bitcoin price almost three years to break through the $20,000 level. According to data by TradingView, around 13:30 UTC on December 16, the Bitcoin price surged past the $20,000 level to reach $20,346.
In the past two weeks, Bitcoin’s price price action has been more exhilarating than perhaps any oother two-week period this year, such that it is even surprising and impressing Bitcoin OGs such as Binance CEO Changpeng Zhao (aka “CZ”) and Gemini CEO Tyler Winklevoss.
According to TradingView, on Coinbase, at 00:20 UTC on December 31, the BTC price reached $29,310, which is the highest it has ever been.
On Tuesday (December 29), on-chain market intelligence startup Glassnode said in a blog post that although the circulating supply of Bitcoin is around 18.6 million, “the number of bitcoins actually available for buying and selling, is much lower.” In fact, Glassnode estimaes that “only 4.2 million BTC (22%) are currently in constant circulation and available for buying and selling.”
Mira Christanto, Asia Advisor at Messari, tweeted earlier today that Bitcoin is this year’s best-performing institutional asset.
Per data by CryptoCompare, currently (as of 11:55 UTC on December 31), Bitcoin is trading around $28,968, up 4.10% in the past 24-hour period and up 303% in the year-to-date period.
As you can see in the year-to-date U.S. dollar index (DXY) chart below by TradingView, since March 19, DXY has gone from 102.936 to 89.600, where it was at 09:45 UTC on December 31. The last time DXY was this low was back in March 2018.
With massive quantitative easing by the world’s major central banks set to continue in 2021, along with further debasement of fiat currencies (which CNBC’s Brian Kelly mentioned yesterday), it seems highly probably that Bitcoin’s highly impressive bull run will be extended in 2021.
Crypto analyst Cole Garner expects the Bitcoin price to break $30,000 with ease next week, although many Bitcoiners would not be surprised at all if this happened later today or tomorrow.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.