Bitcoin reached a new record (ATH) of $24,680 on December 25.
Bitcoin continues to reach new all-time highs as institutional investors enter the industry.
Real Vision CEO Raoul Pal believes the ATH could rise to $1 million.
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On the day of December 25, Ethereum Code reached $24,680 in the space of a brief leap. At the time of writing, the BTC is just over $24,500.
Only a few days after reaching new ATHs, Bitcoin reached a new peak on December 25th. If it wasn’t the $25,000 gift that some people were asking for under their Christmas tree on Christmas Day, the $24,600 zone probably puts that figure within reach, at least on a psychological level.
Bitcoin doesn’t care about XRP’s setbacks.
This increase also comes after all the cryptomoney systems have recovered in one fell swoop. On December 23, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple.
The SEC claims that Ripple’s XRP is a security. The BTC hit short-term lows after the announcement, dropping to around $22,700. However, driven by the influx of institutional investors, Bitcoin quickly returned to its record high.
XRP, which had flirted with the $0.60 zone on December 20, reached a low just below $0.23 on December 24 and is now in the $0.30 range.
Who has CTC under their tree?
The Bitcoin ATH news follows the publication of a tweet by Glassdoor indicating how widespread CTC is now. According to its graph, on Christmas Eve there were over 800,000 wallets containing coins over 1.0 CTS.
This amount has surprised some observers, considering that there are 7.8 billion people in the world. However, it also goes with a total of more than 33 million addresses with non-zero balances.
A lunar Christmas 2020?
This historic summit is a great Christmas gift for Bitcoin hoddlers. Will it be the trough of 2021? According to Real Vision CEO Raoul Pal, it could be. On December 24th, Lark Davis published an interview with Mr. Pal.
In this interview, Pal explains that this post-halving cycle is different from previous ones. The major change in the market structure, he says, is that institutional investors are present. That’s not really news to the community.
What Pal is paying attention to, however, is the effect that institutional investors are having on the market. He sees less volatility in the future. He also expects to see exchange traded funds appear as companies seek to avoid paying Grayscale’s commissions.
Looking ahead to the next cycle, earnings are expected to be lower due to the changing market landscape. And this time? Pal says that if Bitcoin acts as it has in the last two cycles, the peak would be $1 million.