On the second weekend in a row when institutional investors should be sleeping, BTC makes another bull run.
Bitcoin reached a psychologically important all time high on Jan. 2 by breaching $30,000 for the first time. The event comes only 17 days after breaching $20,000 for the first time. The mid-point -$25,000 – was reached eight days ago, on Dec. 25.
Bitcoin just broke $32,000.
In the wink of an eye
In a tweet, bitcoin bull and Gemini trading platform co-owner Tyler Winklevoss noted the speed at which the jump occurred.
Volume up
Bitcoin trading volume was over $49 billion, which is more than 13% more than on Jan.1. However, this volume is still well below the highs reached in mid-December. Peak market volume at that time reached beyond $70 billion per day.
Where did it come from?
BeInCrypto.com has been reporting on the probability of new all-time-highs since the bull run started toward the end of 2020. Breaking $20,000 seemed a matter of time, and technical indicators at the time showed that there was more room for growth.
At month end, speculation over BTC’s next moves remained rather low. Those with long memories pointed to bitcoin setting multiple records in short time periods.
However, the issue of just who drove prices up was a favorite topic in the crypto community in December. Observers recognized the arrival of institutional investors as a vital factor in getting bitcoin over $20,000.The fact that GrayScale alone bought more bitcoin than miners made in November and in December raised the understanding that bitcoin is in serious demand.
BTC retail high
Observers point to the fact that the $25,000 breakthrough resulted from the actions of retail traders. That jump came on the long Dec. 25 weekend, when institutional and enterprise investors were at home. Most of themwere celebrating Christmas, and the volumes do not suggest that the jump was a preset made before the holiday.