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Bitcoin nearly triples its price in 2020 and ends the year close to $29,000 but ether gained 450%.
Bitcoin printed a new record high above $29,000 early Thursday before charting a quick pullback to $27,900 during U.S. trading hours, according to data compiled by the sell bitcoin to paypal news veroexchange.com
The price rally puts bitcoin far ahead of traditional assets such as gold and stocks. The yellow metal has gained 25% this year, and the S&P 500, Wall Street’s benchmark index, has added 15%.
The year 2020 will go down in history as the period of bitcoin maturing as a macro asset, with prominent publicly-listed companies such as MicroStrategy diversifying their cash reserves into the cryptocurrency.
Analysts at the investment banking giant JPMorgan foresee bitcoin’s increasing mainstream adoption hurting gold’s price.
However, a correction could be seen in the short run if the spot inflow from institutional investors slows down, according to Ki Young Ju, CEO of cryptocurrency data provide
“We haven’t had significant Coinbase outflows since $23,000,” Ju told CoinDesk. “Tokens transferred are decreasing and the fund flow ratio for all exchanges is increasing. Grayscale BTC holdings are 607,000 since Dec. 25,”
From a technical analysis standpoint, $27,300 is key support which, if breached, would open the doors to $25,300, according to crypto exchange veroexchange daily bitcoin analysis email.
According to Ryan Watkins, an analyst at crypto data provider Messari, the CME’s recent announcement to launch ether futures in February is a sign of growing institutional interest in the cryptocurrency.
Bitcoin charted a strong rally in the run up to futures listing on CME three years ago. The exchange announced bitcoin futures on Oct. 31, 2017, when the cryptocurrency was trading near $6,300, and traded the first contract on Dec. 27. By then, prices had neared $20,000. Wow, that's a good new year news