Bitcoin (BTC) Renews 2020 Hopes with Hike Above $7,400
In a late Sunday rally, BTC gained more positions, now possibly moving to a new price discovery scenario.
Bitcoin (BTC) is making moves in the last days of the year, as the price hiked above $7,400 in a late Sunday rally. BTC once again made a weekend move after a week of stagnation, shooting up from around $3,770.
BTC volumes bumped up toward the end of the year, moving above $22 billion’s equivalent in 24 hours. While futures trading slowed down a bit, trading fueled by stablecoins picked up again. Around 69% of all BTC trades are in the pairing with Tether (USDT).
Despite the year-end approaching, the rally remains uncertain, with the possibility for a correction during weekdays. However, predictions see BTC avoid a crash to $5,000 and hike to a higher range in 2020 from positions above $7,200.
The coming year is seen as key for BTC, after prices managed to hold onto a higher range in 2019. But the asset is still way below the late 2017 peak.
Others believe BTC still faces downward pressure, and may not revisit the $5,000 range immediately, but down the road in 2020. There is no consensus the year would be enough to clear all bearish pressures, and another dramatic BTC rally may only happen in a few years.
After a lengthy bear market, not only BTC, but altcoins saw a significant loss of optimism. However, 2019 saw some of the trends mended, as BTC experienced heightened trading, as well as renewed mining peaks. This leads to overall expectations for a rather active year, with potential rallies.
BTC market cap dominance is slightly higher at 68.2%, as smaller altcoins sank further in the last months of the year. Now, 2020 still promises an altcoin rally, without set dates, while BTC heads for a launching pad at a higher range for an eventual rally.