December 2020 will be written in Bitcoin’s history books as the month that saw the leading cryptocurrency shutter the all-time high (ATH) price of $20,000 it set three years ago. It will also serve as the time period when BTC zoomed off to new heights above the $28,500 mark.
Therefore, BTC has enjoyed a rollercoaster ride this month and it is set to close out a banner year with a bang. Market analyst Holger Zschaepitz has taken to Twitter to disclose that this month’s bull run has not been seen since May 2019. He said:
“Bitcoin is on track to close out a banner year with another bang: Cryptocurrency surged >$28k to a record high of $28,572, and is on track for its biggest monthly gain since May 2019 w/+46% in December so far.”
Bitcoin’s momentum is not showing any signs of stopping because it has gained by more than 4.5 percent in the last 24 hours, even though it has slid back to $27,873 at press time. This trend has made a Wall Street veteran and CEO of Real Vision Raoul Pal to stipulate that buying any dip will be of the essence.
Institutional investors have shown their overwhelming appetite for Bitcoin and this is one factor making its price to go through the roof. Earlier this month, leading business intelligence firm MicroStrategy purchased BTC valued at $650 million. Furthermore, GrayScale, an institutional-grade digital asset manager, revealed that its total asset under management (AUM) stood at $19 billion with the bulk being Bitcoin at $16.3 billion.
Bitcoin is, therefore, scheduled to end the year on a high, given that it has surged by more than 295% so far in 2020 even though it lost nearly 50% of its value back in March as the Covid-19 pandemic nearly brought the world to a halt.