Freewallet Weekly Bitcoin Summary: 11 Dec 2020 – 18 Dec 2020

A modest start of Bitcoin from around $3600 in early 2020 has finally led to surprising heights in the tail end of the year. The year growth made 400%.

During the last 5 weekdays, Bitcoin has surpassed its own performance of previous weeks and hit all-time High. It’s an exciting record to observe and we are willing to make some simple points in this respect.

As expected altcoins would follow the Bitcoin rally. Such was the rally of Dogecoin and Litecoin. Percentage of their growth has even left Bitcoin a little behind. Ethereum is also traded on an extremely bullish market, smashing $640.

Unlike in 2017, the Bitcoin’s disruption has not made news headlines. You won’t find this topic among hot topics of Twitter or Wikipedia. It is not googled either. This time institutional investors were the main driving force behind the price movement. The investors’ strategies may now rely on viewing bitcoin as a more attractive asset in the long-term. It can be well explained: the Bitcoin network is now more secure as compared to its previous peak in 2017 and able to transact more than $4.5 bln per day.

The main question of this Friday is whether Bitcoin would go on storming new dizzying heights.

Image of Bitcoin growth chart from 11 Dec 2020 to 18 Dec 2020


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