Bitcoin has recorded a new all-time high on Christmas day, setting its new high at over $24,600. Bitcoin is up by over 5.5 percent in the past 24 hours, and has climbed 2.4 % in the past hour at press time. In the past month, BTC’s price is up by almost 30%.
According to crypto analytics firm Santiment, larger Bitcoin addresses are continuing to accumulate, and smaller retail addresses have stopped buying Bitcoin at the $19,000 level. Podcaster Peter McCormack said:
“It’s roast bear for Christmas dinner with all the trimmings. #bitcoin.”
Crypto analyst Joseph Young noted in response to famed economist Nouriel Roubini saying that Bitcoin’s hyperbolic bubble is going to go bust by saying:
“$BTC is so bullish its bubble bursts upwards.”
Roubini recently slammed Bitcoin when it hit recent highs and was last trading above $23,300. The economist said, “First of all, calling it a currency — it’s not a currency. It’s not a unit of account, it’s not a means of payment.…it’s not a stable store of value. Secondly, it’s not even an asset.”
According to Roubini, Bitcoin has no intrinsic value. He pointed out that assets — bonds, stocks, real estate, or precious metals — either provide income, capital gains or some form of utility.
Crypto data firm Glassnode alerts also recently noted that Bitcoin’s percent supply more than a year active has reached a 7-month low at 59.601%. Glassnode alerts explained:
“#Bitcoin $BTC Percent Supply Last Active 1+ Years just reached a 7-month low of 59.601%. Previous 7-month low of 59.603% was observed on 24 December 2020.”
Bitcoin’s active supply between 6m to 12m has reached a 2-year low at just over 1,690,000,000 BTC. Glassnode added:
“#Bitcoin $BTC Active Supply 6m-12m (1d MA) just reached a 2-year low of 1,694,458.102 BTC. Previous 2-year low of 1,695,472.231 BTC was observed earlier today.”
Bitcoin making a new ATH could be good for ETH
A cryptocurrency trader believes that as Bitcoin makes a new high, there could be a lot more upside for Ethereum (ETH) as well. The trader explained:
“ETHBTC is the most interesting chart to me right now. When $BTC breaks the highs post new years, there could be a lot more upside in ETH as a higher beta play. Chart looks absolutely dumpstered on the daily.”