Before the year close, more gains were recorded in Bitcoin and throughout the crypto industry. Bitcoin made its all-time high record of US$ 24,217 but went down quickly after setting up a tell-tale.
Through the past week, the crypto industry as a whole had surged for about 10% more. The obvious reason for this surge was a further increase in the value for Bitcoin. The morning of 19th December, started off as a surprise for Bitcoin enthusiasts because Bitcoin went above US$ 24,000. It was going high precisely at US$ 24,217 at one point in time and set up a new tell-tale.
Bitcoin’s price had increased about 25% in the past three months, while since last week it had increased by 22%. In terms of market capitalization, Bitcoin dominates the entire industry with over 65% market cap.
The second cryptocurrency after Bitcoin had been Ethereum – the second-biggest digital currency of the world. The per coin price had also increased for ETH as well which had been trading currency for US$ 603. Like Bitcoin, Ethereum too had a surge by about 10% since last week and in a period of three months for 26%. On 19th December, Ethereum went high as US$ 646 but suddenly came down.
Not only Bitcoin and Ethereum but the prices of other cryptocurrencies too witnessed a big surge in their values.
Similar was the situation with the world’s third-largest digital currency Ripple’s XRP. The data of XRP’s three months performance indicated a surge of about 90%. While it had acquired a further gain of 11% since 14th December, 2020.
Taking a lead from Bitcoin, Ethereum, and XRP, other cryptocurrencies also witnessed somewhat similar trending. These digital currencies included LTC, BCH and others.
In the view of Chainalysis, there were 80 billion and 10 billion dollar trade volumes for the future and on sport markets. According to Chainalysis, this was the reason why the current crypto surge took place.
Meanwhile a new Bitcoin survey, which was concluded with the feedback received from crypto experts, was published by Finder. It was suggested in the survey that the Bull-Run for Bitcoin and other digital coins, would not end so soon. In fact they anticipated it to end somewhere in the middle of year 2021.