After years in the downturn market, El Salvador's Bitcoin holding has risen to a 3% gain over its investment.
Bitcoin price, bullishly on the rise – gaining nearly 50% over the past month
The cryptocurrency, which has just broken through to hit $20,000 USD for the first time, has continued its upward trajectory to bag new records. Yesterday, Bitcoin price hit $24,000 USD – a price exceeding anywhere near what had been previously precedented. While analysts remain cautious of a potential strong pullback, the market is overall bullish about this – suggesting the token is in a new cycle of a bull rally.
On Coinbase, Bitcoin price sent through to $24,210 USD; gaining over $7650 USD in the past month of trading. Looking back over the previous 30 days, Bitcoin price has moved from a price tag of just over $16,351 USD, to gain by nearly 47% in value. This bullish increase has provoked a massive amount of buy-in from institutional and retail investors as a result of the fear of missing out (FOMO) of potential profits. While the news of Bitcoin price rising significantly, it might lead to fears of volatility and possible sell-offs from major traders.
Volatility in the cryptocurrency market
When Bitcoin price moves quickly, the room for volatility increases. Barriers of resistance could weaken the upward incline of Bitcoin; leading to a possible strong correction if traders sell-off. However, it could also continue to increase as new traders and long-term investors gain interest in the industry. A bull run like this one has historically seen a dip in value, but a recovery also remains a strong possibility should the token fall.
Cryptocurrency market analyst Michaël van de Poppe tweeted optimistically about the news, enjoying the bullish weekend activity just before the festive season:
Let’s go, another all-time high during weekend hours?$BTC
— Michaël van de Poppe (@CryptoMichNL) December 19, 2020