Bitcoin (BTC) reached a new all-time high of $24,217 during weekend trading on Saturday, December 19, 2020, before retreating below the $24,000 level. The surge pushed the entire cryptocurrency market capitalization up over 10%, triggering significant futures liquidations.
Bitcoin Breaks Records, Altcoins Follow Suit
According to market data, Bitcoin peaked at $24,217 around 11:45 a.m. EST on Saturday, but quickly fell back to around $23,423 at the time of writing. Despite the pullback, the leading cryptocurrency gained 21% over the past week, 25.1% over the last 30 days, and an impressive 124% over the trailing 90 days. Bitcoin's market dominance currently stands at 65%, reinforcing its position as the top digital asset.
Ethereum (ETH) also performed well, trading at $646 per coin, up over 9% weekly and 26% monthly, with a 90-day gain of 90%. Ripple (XRP) changed hands at $0.57, gaining 10.9% weekly and a massive 146% over three months. Litecoin (LTC) surged 40% in the past week to reach $113, with a 168% gain over 90 days. Bitcoin Cash (BCH) rose 25% weekly and 62% over three months, trading at approximately $350 per coin, with a market cap of $6.74 billion and $4.8 billion in daily trading volume.
Futures Bloodbath: $1 Billion in Shorts Liquidated
The rapid price appreciation led to forced liquidations of bearish positions. Data from Coinalyze showed that futures market volume reached $80 billion on Friday alone, alongside $10 billion in spot markets. Over the weekend, a total of $800 million in both long and short positions were liquidated. Remarkably, the two preceding days saw $1 billion in short positions wiped out, indicating that many traders were caught off guard by Bitcoin's relentless rally.
Expert Outlook: Bull Run Could Last Into H2 2021
Finder's “2021 Bitcoin Predictions Report” surveyed 47 industry experts, with 58% expecting the current bull run to persist at least through the second half of 2021. The survey was conducted in early December, before Bitcoin crossed $20,000, suggesting experts were already bullish. However, a majority also cautioned that Bitcoin would experience a sharp correction after reaching its peak.
Gavin Smith, managing partner at Panxora Crypto Hedge Fund, commented: “Bitcoin is increasingly used as a hedge against fiat money printing by early adopters in both retail and institutional sectors. We expect this trend to continue. While the market will exhibit high volatility in both directions, the bias remains firmly to the upside.” Smith also predicted that Bitcoin would finish 2020 above $20,000.
Overall, the weekend all-time high underscores the strong momentum in cryptocurrency markets as 2020 draws to a close. With institutions and retail investors piling in, the outlook remains optimistic despite potential short-term pullbacks.