A few hours ago, during the morning Asia trading session, Bitcoin prices briefly topped $22,000 for the first time ever. Prices pulled back a little in the hours that followed resulting in a minor decline to $21,750.
However, at the time of press, they have pushed higher again to top the $22k milestone once again trading at a new high of $22,250 according to Tradingview.com.
The latest Bitcoin rally has added 14% to prices over the past 24 hours and it does not look like stopping there. Markets are now in unchartered territory as the asset forms new support and resistance zones. It has also lifted the entire crypto market capitalization to an almost three-year high of $630 billion though 67% of that is purely Bitcoin.
Industry Leaders Lauding Bitcoin
The new all-time high has been widely anticipated by industry analysts and experts and many of them have been voicing their thoughts over the past few hours as the rally continues.
Bitcoin’s price action makes me a little sad. At the end of this leg of the bull run (best guess 12-18 months), BTC will never again be as attractive an investment as it’s been to date. Did my best to “stack sats” ahead of this, but you always wonder what more you could’ve done.
— Ari Paul ⛓️ (@AriDavidPaul) December 16, 2020
At present, every single person that has bought Bitcoin (apart from those that have lost it in scams or hacks) is in profit. This will leave a feeling that maybe not enough sats were stacked, as Paul points out.
Cameron Winklevoss was equally enthusiastic, stating;
“Today, Bitcoin got the monkey off its back. It took three long, hard-fought years, but the $20K glass ceiling has been shattered. A turning point for our movement.”
My goal wasn’t to enter the top .001%
I have no ambition and am basically very lazy…
— Max Keiser (@maxkeiser) December 16, 2020
Other Big Crypto Movers
There are just a handful of crypto assets that have outperformed Bitcoin over the past 24 hours and they include Ripple’s XRP which, after dumping heavily, has surged an eye watering 26% to reach $0.566.
Stellar’s XLM token, which is a sibling of XRP, has also pumped harder with an 18% move on the day taking it to $0.189. Naturally, the silver to Bitcoin’s gold – Litecoin – always does well when its big brother does. LTC has made over 15% in the past 24 hours to reach $93, its highest price since the pre-halving pump in June 2019.