It looks like Bitcoin is in party mood. On Saturday (January 2), according to data from TradingView, less than seven hours after breaking through the $30K level, on Coinbase, Bitcoin went through the $31,000, $32,000, and $33,00 price levels like a hot knife through butter.
Currently (as of 17:24 UTC on January 2), Bitcoin is trading at $32,467, up 10.57% in the past 24-hour period and up 12.24% in 2021.
According to data by CryptoCompare, Bitcoin’s market cap is roughly $603 billion at the moment.
Here are a few interesting Bitcoin metrics by crypto analytics firm IntoTheBlock:
John Todaro, Head of Research at TradeBlock, says retail FOMO has not even started yet:
One of the many crypto analysts having trouble keeping up with today’s insane price action is Michaël van de Poppe:
Scott Melker, a crypto trader at Texas West Capital, says Bitcoin’s continued display of strength shows that institutional investors who have bought Bitcoin in the past few months will not be easily parted from their BTC holdings since they are in it for the long term (unlike retail investors who bought Bitcoin with too much leverage in 2018).
And with Bitcoin set to celebrate its 12th birthday (i.e. anniversary of the mining of the genesis block) on Sunday (January 3), it does not seem unreasonable to expect Bitcoin’s strong rally to be extended.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.