• Wed. May 22nd, 2024

Market Wrap of the Year 2020

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Dec 29, 2020

Bitcoin, after crossing the milestone of $25,000, kept on increasing and gained an even higher value of 2.3 % within the same day. The continuous growth was experienced by Bitcoin cryptocurrency ranging from $25,000 to $27000 as appearing on the significant exchanges. The hikes were observed on almost every 10th hour and 50th hour as observed on the hour based charts of the technical style investors. 

The constant hikes took a break on Monday when the trading price remained within the range of dollar 27000 approximately. The lack of movement was fuelled when Bitcoin made its highest hike of crossing $28,000 after Christmas.

According to the analysts, Bitcoin is still on its Bull Run and will increase in the coming year. Bitcoin not only increased in value, but its trade was also increased on exchanges. After Bitcoin took a break on Monday, the high trading rate also decreased, but it was very usual, keeping in mind the constant hikes on the previous days. 

As Bitcoin keeps on going up, retail investors are moving towards it after the holiday break. The analysts predict that the value chart of Bitcoin will not be consistent as it will continue its highs in value throughout 2021. There was a time when there was a lack of Bitcoin sellers because everyone wants the value of their assets to increase. As the institutional level of Bitcoin adoption increases, its value increases as a digital asset compared to all other cryptocurrencies. 

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Due to the high value of Bitcoin, the analysts are of the view that other cryptocurrencies will come into the mainstream for being more affordable and available. Being the second cryptocurrency joint, Ethereum will come into the limelight. Ethereum is also increasing in value and has been recorded to break its record as well after December 2019.

Ethereum is the second cryptocurrency giant when it comes to market capitalization. Ethereum had experience of increase in price around $700. It experienced a stunning 8% increase within one day. Increasing in value was somehow crucial for Ethereum because Bitcoin played its move to gain market attention. This increasing value of Ethereum shifted some of the profit from Bitcoin to Ethereum, which was also the reason behind the decrease in trade of Bitcoin on Monday. 

Other cryptocurrencies are experiencing insignificant increases. The fortune of other cryptocurrencies is very much dependent on the two giants because when the giants fall, the lower ones take over. Their fortune does not look good enough to crack Bitcoin and Ethereum as all the significant analysts predict the ever-increasing value of these cryptocurrencies in the coming year.

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