Weekend Market Action Sees $ 24K, $ 1 billion Bitcoin Touch in Redundant Short Positions

Bitcoin and the crypto economy continue to see strong gains, as the price of the major crypto asset touched a record high on Saturday, December 19, 2020. That morning at about 11:45 am EST, bitcoin touched price high at $ 24,217, but was pushed under the $ 24k handle shortly thereafter.

The entire cryptocurrency economy is up over 10% in the last seven days, as many crypto assets have seen some decent price gains. Bitcoin (BTC) jumped above the $ 24k mark touching a peak of $ 24,217 on Saturday afternoon.

At the time of its announcement, the leading crypto asset, in terms of market cap, is trading at $ 23,423 per unit. BTC has gained 21% in the past week, 25.1% in the last 30 days, and 124% for the 90-day span. The market dominance is 65% compared to the rest of the crypto economy today.

Weekend Market Action Sees $ 24K, $ 1 billion Bitcoin Touch in Redundant Short Positions
Top six digital money markets on December 20, 2020.

Ethereum (ETH) is also doing well this weekend, and has gained over 9% this week and 26% in the past 30 days. At $ 646 per ether, the crypto asset is also up over 90% for the past 90 days. The third-largest crypto-asset market belongs to XRP as each coin exchanges for $ 0.57 per ticket. XRP has gained 10.9% in the past week and 146% over the last three months of trading.

Weekend Market Action Sees $ 24K, $ 1 billion Bitcoin Touch in Redundant Short Positions
On Sunday, December 20, 2020, bitcoin cash (BCH) has significantly increased in value. BCH collected over 8.7% during the early morning trading sessions on Sunday (Eastern Standard).

Following XRP in fifth place is litecoin (LTC), which is trading for $ 113 a penny. LTC has seen a big spike gain by 40% this week and 168% over the 90 days. The sixth largest crypto asset valuation is held by bitcoin cash (BCH), which captures a market cap of approximately $ 6.74 billion. Against the USD, BCH has pocketed 25% this week and gained 62% in the last three months. At press time, bitcoin cash is trading at $ 350 per unit and $ 4.8 billion in global trade volume.

Weekend Market Action Sees $ 24K, $ 1 billion Bitcoin Touch in Redundant Short Positions
Bitcoin (BTC) touched a lifetime price high on Saturday, December 19, 2020, at $ 24,217 per unit.

While fans of digital assets have been digging up the prices are rising a large number of traders playing bearish positions have been removed this week. According to data from Coinalyze, there were huge trade volumes on Friday and “$ 80 billion on future markets, $ 10 billion on spot markets.”

“$ 800 million was wiped out: nostalgia and shorts,” Coinalyze added. “Over the previous two days, $ 1 billion shorts were canceled.”

Meanwhile, “Bitcoin 2021 Finder Predictions Report” surveyed 47 experts and 58% of panellists expect the bull run to last until at least the second half of 2021. Interestingly, the surveyed panellists discussed their predictions in early December before bitcoin (BTC) touched $ 20k. However, a majority of interviewees also said that BTC will drop sharply after it reaches the peak valuation.

Gavin Smith, managing partner of Panxora Crypto Hedge Fund, participated in the Finder survey and believes bitcoin (BTC) will end the year above the $ 20k handle.

“Bitcoin is now used as a hedge against printing fiat currencies by early adopters in the retail and institutional sectors,” said Smith. “This trend is expected to continue. We do not believe this will be a seamless move higher, we expect the market to show high upside volatility and the downside but with a clear orientation to higher levels. ”

What do you think of bitcoin touching its highest ever on a Saturday? Let us know what you think of this topic in the comments section below.

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