And another record high – Bitcoin cracks 24,000 US dollars at the weekend

Published by on 21. Dezember 2020
Categories: Bitcoin

Bitcoin’s flight to new heights continues, now breaking through the US$24,000 mark.

Bitcoin (BTC) has reached a new record high today, December 19. So as the weekend approaches, the market-leading cryptocurrency is on the upswing again, adding the next milestone to its current run of highs.

From record high to record high

As data from Cointelegraph Markets and Tradingview shows, Bitcoin today jumped to $24,210, breaking the previous new record high set just this week.

After surpassing the previous best of 23,777 US dollars, it went up a bit more before ending at the new high and going down again. From the price data, it can be seen that there is a lot of selling pressure at the psychologically important $24,000 mark.

„Can we make another record high this weekend?“ as Cointelegraph Markets analyst Michaël van de Poppe asks questioningly. Bitcoin investors seem to be taking up the challenge, as the bulls continue to push higher.

Buy and sell ranges for bitcoin.

Expert warns of retracement

Today’s bounce continues the highs of the past few weeks, with significant gains also coming on weekends, and not just during the week as is usually the case.

Meanwhile, on Saturday, Van de Poppe warned that a support is only at 18,500 US dollars again. So any retracement would be unchecked until then.

„Such vertical upswings often don’t last very long. At some point, there will be a downturn again. When that downturn will come, no one can say. Bitcoin could first climb to 30,000 US dollars before it then goes down again by 30%,“ as the expert summarizes the current situation.

„BAM!“ – Stablecoin Tether cracks record $20 billion mark.

The market-leading stablecoin is being pulled to new heights in Bitcoin’s slipstream.

The market-leading stablecoin Tether (USDT) has reached a market capitalization of over $20 billion for the first time.

As the stablecoin’s data showed on Dec. 18, Tether is now worth $20 billion, further solidifying its position as the fourth-largest cryptocurrency.

Tether doubled in value since September

„Tether has just cracked a market cap of $20 billion,“ according to the related announcement on Twitter. And further:

„This fantastic milestone is further confirmation that Tether has extended its leading position as the cryptocurrency with the highest liquidity, stability and trustworthiness!“

The stablecoin’s market capitalization has been growing at a record pace recently, breaking the then-record of $10 billion just three months ago.

Tether CTO Paolo Ardoino euphorically underscores the new record with a simple „BAM!“ on Twitter.

Tether’s ever-increasing creation of new currency units, known as „minting,“ has been a source of contention in the past, with some market researchers fearing that it artificially inflates the price of Bitcoin (BTC). In addition, allegations against iFinex, the company that operates both Tether and the Bitfinex crypto exchange, persist, adding further fuel to the fire.

Demand for Tether is nonetheless unabated, as the stablecoin is an important bridge to other cryptocurrencies and DeFi tokens. In the process, USDT has now further extended its market leadership among the „stable value“ coins.