Bitcoin Hits Previous ATH, $20k Still Untouched

Tuesday 01 December 2020, 3:24 AM AEST - 1 month ago

GBTC-3iQ-Galaxy-DigitalBitcoin Hits Previous ATH, $20k Still UntouchedFBC13

Bitcoin is currently inching closer to $20,000 as it broke all-time-high price records on several exchanges including Binance, Kraken, and Gemini. The top cryptocurrency overcame a weekend price correction which saw it lose 14% of its market cap, plunging its price to near $16,500. Bitcoin came on top today as its price soared by more than 8% to record a new yearly high and ATH on many exchanges.

#Bitcoin just hit an all-time high! Onward and upward we go to the moon! 🚀 pic.twitter.com/CfyuBAelZZ

Bitcoin ATHSource: TradingView

The bullish momentum was so strong that bitcoin almost neglected a glaring bitcoin futures gap of nearly $2,000 which many believed could possibly force the price to correct up to $17,000 to fill the CME gap generated over the weekend.

The current bullish burst is believed to be driven by the excess buying by new mainstream financial giants such as PayPal and Bitcoin management trust fund Grayscale who are currently buying more bitcoin than it is being generated. It was anticipated that when markets open PayPal and Grayscale would buy more bitcoins which would drive the price further.

"If our inflows at Grayscale are any indication of the types of investors that are interested in this asset class or the sizes of allocations being made, we're just getting started," says @Grayscale's @Sonnenshein on the price of #bitcoin #btc pic.twitter.com/6d0GUBqgaM

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