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Ethereum starts the year with a bang skyrocketing over 40% on Sunday, January 3 while making a strong move towards its all-time high. Institutional buying in ETH has also picked up considerably in a few years.
Bitcoin has surpassed $34,000, setting a new record high as FOMO from institutional investors at Coinbase propels the crypto.
Thanks to the outstanding sale of the Tesla Model 3 cars and a greater demand for electric vehicles, the company had an economic relief and a price increase in its shares.
While all companies across all sectors can not boast of milestone achievements this year, the few highlights of top news is an indication that the year was not doomed after all and market analysts are projecting a better recovery and growth in the coming year 2021.
Bitcoin (BTC) continues with its aggressive rally as the world’s largest cryptocurrency eyes for $30,000 before bidding the final adieu to 2020. It has been a phenomenal year for BTC investors as the world’s largest has emerged a potential outperformed to Gold.
According to the CoinMarketCap data, Bitcoin has made a daily gain of 6.671% to its current price of $27,965.
There is a possibility that the Senate Republicans may want to hold onto their conservative approach in increased spending citing longer-term consequences.
Economists from Goldman Sachs Group have revised their Q1 GDP forecast to see a growth of 5% though earlier they expected a 3% increase.
Just as expected, the market has reacted to this news. The S&P futures (INDEXSP: INX) recorded a surge of 0.62% right after the Christmas holiday.
As BTC continues to hit new all-time highs, Ethereum (ETH) has also joined the rally surging past $725 levels in a strong bull run. Analysts say that the Ethereum journey is just getting started and 2021 could be an even bigger year for the crypto asset.
Bitcoin (BTC) has registered a path-breaking rally this holiday season by surging more than 20% over the last week. Analysts are expecting that we can possibly see $30,000 in the near term with the falling BTC supply at exchanges.
With the latest rally, Bitcoin becomes the first financial service to cross $500 billion in market cap. The latest BTC price action and on-chain activity suggest that retail buying has suddenly spiked up during this holiday season.
There are two key factors that may affect a short-time bull case for Bitcoin. The factors are institutional accumulation and other altcoins profits cycling into BTC.
The uncertainty about the relief measures puts the market on the edge. President Trump has noted that the $900 billion package isn’t suitable and has called for increasing direct payments from $600 to $2000.
The relief package incorporates, among others, increased jobless benefits, small business loans, education funding, the $600 stimulus checks and funding to aid the supply and distribution of Covid-19 vaccines.