BREAKING: Bitcoin Hurdles $31,000; Now at $32,000+

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In Brief
  • Bitcoin broke the psychologically important $30,000 mark on Jan. 2.

  • The push comes only weeks after breaking the $20,000 mark.

  • At the time of writing, BTC was over $32,000.

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On the second weekend in a row when institutional investors should be sleeping, BTC makes another bull run.

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Bitcoin reached a psychologically important all time high on Jan. 2 by breaching $30,000 for the first time. The event comes only 17 days after breaching $20,000 for the first time. The mid-point -$25,000 – was reached eight days ago, on Dec. 25.

Bitcoin just broke $32,000.

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In the wink of an eye

In a tweet, bitcoin bull and Gemini trading platform co-owner Tyler Winklevoss noted the speed at which the jump occurred.

Volume up

Bitcoin trading volume was over $49 billion, which is more than 13% more than on Jan.1. However, this volume is still well below the highs reached in mid-December. Peak market volume at that time reached beyond $70 billion per day.

Where did it come from?

BeInCrypto.com has been reporting on the probability of new all-time-highs since the bull run started toward the end of 2020. Breaking $20,000 seemed a matter of time, and technical indicators at the time showed that there was more room for growth.

At month end, speculation over BTC’s next moves remained rather low. Those with long memories pointed to bitcoin setting multiple records in short time periods.

However, the issue of just who drove prices up was a favorite topic in the crypto community in December. Observers recognized the arrival of institutional investors as a vital factor in getting bitcoin over $20,000.The fact that GrayScale alone bought more bitcoin than miners made in November and in December raised the understanding that bitcoin is in serious demand.

BTC retail high

Observers point to the fact that the $25,000 breakthrough resulted from the actions of retail traders. That jump came on the long Dec. 25 weekend, when institutional and enterprise investors were at home. Most of themwere celebrating Christmas, and the volumes do not suggest that the jump was a preset made before the holiday.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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James Hydzik is a finance and technology writer and editor based in Kyiv, Ukraine. He is especially interested in the development of regulation in the face of increasingly rapid technological change. He previously covered the CEE region for Financial Times banking and FDI magazines. An ardent believer in gut renovating eastern Europe one flat at a time, he currently holds more home renovation gear than crypto.

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