Bitcoin Price Reaches a New All-Time High on Christmas Day, BTC Whales Accumulate

Bitcoin Price Reaches a New All-Time High on Christmas Day, BTC Whales Accumulate

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Bitcoin has recorded a new all-time high on Christmas day, setting its new high at over $24,600. Bitcoin is up by over 5.5 percent in the past 24 hours, and has climbed 2.4 % in the past hour at press time. In the past month, BTC’s price is up by almost 30%.

Bitcoin hits new all time high on Christmas

According to crypto analytics firm Santiment, larger Bitcoin addresses are continuing to accumulate, and smaller retail addresses have stopped buying Bitcoin at the $19,000 level. Podcaster Peter McCormack said:

“It’s roast bear for Christmas dinner with all the trimmings. #bitcoin.”

Crypto analyst Joseph Young noted in response to famed economist Nouriel Roubini saying that Bitcoin’s hyperbolic bubble is going to go bust by saying:

“$BTC is so bullish its bubble bursts upwards.”

Roubini recently slammed Bitcoin when it hit recent highs and was last trading above $23,300. The economist said, “First of all, calling it a currency — it’s not a currency. It’s not a unit of account, it’s not a means of payment.…it’s not a stable store of value. Secondly, it’s not even an asset.”

According to Roubini, Bitcoin has no intrinsic value. He pointed out that assets — bonds, stocks, real estate, or precious metals — either provide income, capital gains or some form of utility.

Crypto data firm Glassnode alerts also recently noted that Bitcoin’s percent supply more than a year active has reached a 7-month low at 59.601%. Glassnode alerts explained:

“#Bitcoin $BTC Percent Supply Last Active 1+ Years just reached a 7-month low of 59.601%. Previous 7-month low of 59.603% was observed on 24 December 2020.”

Bitcoin’s active supply between 6m to 12m has reached a 2-year low at just over 1,690,000,000 BTC. Glassnode added:

“#Bitcoin $BTC Active Supply 6m-12m (1d MA) just reached a 2-year low of 1,694,458.102 BTC. Previous 2-year low of 1,695,472.231 BTC was observed earlier today.”

Bitcoin making a new ATH could be good for ETH

A cryptocurrency trader believes that as Bitcoin makes a new high, there could be a lot more upside for Ethereum (ETH) as well. The trader explained:

“ETHBTC is the most interesting chart to me right now. When $BTC breaks the highs post new years, there could be a lot more upside in ETH as a higher beta play. Chart looks absolutely dumpstered on the daily.”

Source: https://blockchain.news/