Bitcoin shows no signs of slowing down as the cryptocurrency market continues to expand. Over the past day alone, the total capitalization has surged by more than $50 billion and now stands above the $600 billion mark.|9d54006bf612cfd115d761be97f9798a|
Earlier today, as CryptoPotato reported, BTC finally managed to break above the coveted $20,000 level for the first time in history, hence charting a new all-time high.
To say that everyone expected what followed next, however, would be an overstatement. The price didn’t consolidate, it didn’t retreat to establish support – it continued to increase. At the time of this writing, bitcoin is trading at around $21,400 on Bitstamp.
Earlier today, we discussed potential price levels to watch in the short term, most of which have been hit already.
Bitcoin continues with its price discovery and it’s particularly interesting to see where it would head up next. Of course, during very volatile movements of this kind, it’s crucial to remain reasonable, execute trades with a clear strategy in mind and never chase moves based on FOMO. The market will always present opportunities and preserving capital should be a number one priority.
Over $2,000 Added in 24 Hours
With all of the above comes another positive consequence. Bitcoin has managed to add upwards of $2,000 in the past 24 hours alone.
At present, the daily candle has a low of around $19,227, having peaked at $21,464. This was outlined by the Co-Founder and CEO of Blockstream and well-known Bitcoin proponent, Adam Back.
Well there’s the first $2k candle on the daily. pic.twitter.com/8z9eQMnEIP
— Adam Back (@adam3us) December 16, 2020
The rest of the market is also well in green with Ethereum charting a 7.6% daily increase and trading well over $630. Ripple’s XRP is also on the rise after having slowed down for the past few days. The cryptocurrency now stands at around $0.535, charting 12.9% gains on the daily.
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