We are about to close out a glorious week for the cryptocurrency sector, particularly for Bitcoin, which posted all-time highs in price and volume.
Should it close at current levels, both in percentage and value terms, it would be the best week since June 2019.
Should prices close at this morning’s levels at $23,000, the week would see a 20% gain and $3,800. This last happened in June 2019 when I gain just over half that, $1,850.
The rise, which had already begun for Bitcoin at the end of last week, was a solo rise that then dragged the rest of the sector along.
It benefited Ethereum, which rose again by going above $670, its highest level since May 2018.
Even Ripple, which unlike the first two remains below the highs of November 24, climbs back from the swamps touched during the week when it fell below 44 cents, then recovered with sprint over 60 cents, levels of these hours.
Litecoin (LTC) which had started to reverse sideways trend is positively surprising. Litecoin prices return above $112, abandoned in July 2019. Performance that together with that of Bitcoin is the best among the top 30 of the largest capitalized.
Bitcoin, in fact, scores a rise that nearly 30% while Litecoin flies by 50% consolidating the 5th position going away from Bitcoin Cash, with a difference that at this point rises over 1.5 billion dollars for capitalization.
Bitcoin Cash (BCH) in these hours is tailed by Immediate Edge Review in 7th position by capitalization.
Bitcoin Cash remained at the pole with quotations over 310 dollars, but like Ripple it remains below the highs touched on November 24 when it rose for the first time since February 2020 to 371 dollars. These are particular days also for the volumes that rise to important levels.
Bitcoin: volumes for 12 billion dollars
Total volumes continue to grow beyond $481 billion, a 25% increase from yesterday’s reported volumes. What is surprising is the explosion of volumes on Bitcoin, due to the sharp increase in price above $23,000.
Bitcoin is not only content to climb above the new June 2019 record at $8.8 billion but breaks the $10 billion wall and closes yesterday’s day with over $12 billion in dollar value. This is an all-time record for trading on major exchanges.
Bitcoin volumes traded on the protocol between wallets yesterday also saw over $56 billion transacted in the Bitcoin chain, it’s the second highest in 2020, behind only the $59 billion peak on November 16. Both are the two highest levels since August 2019’s record-breaking $100 billion traded on the Bitcoin chain.
August 2019 was the all-time high. Excluding this record, current volumes are at the levels of the previous records in December 2017 and January 2018.
Trading volumes were also very good on Ethereum, which touched $5 billion yesterday, the second highest volume behind that of November 26 with just over $5 billion.
Bitcoin’s dominance strengthens rising by a few decimal fractions to 65.5%. Ethereum slips to 11.2% the lowest levels by market share since mid-November. Ripple strengthens, rising to 4.2%.
Bitcoin is on its way to end the best week in recent years and today marks the 7th consecutive day on the rise, a trend that has not occurred since last July, but this time the trend is much more intense with prices rising from $18,000 to over $23,000.
It is a trend that in this condition does not give any sign of weakness, but in this phase it is necessary to be cautious for possible entries of sudden profit taking that could make the prices slide by hundreds or thousands of dollars.
It would be a movement that would not affect the current bullish trend if it does not extend beyond $18,500 and at this point there remains a wide range of movement without affecting the bullish structure.
Ethereum also did very well with the current day which however unlike Bitcoin experienced two days of uncertainty on December 14 and 15. Ethereum is moving further and further away from the critical area that would invalidate the trend that sustains the 8-month rise to 430 dollars, levels 35% away from current values.
The structure of Ethereum in the short term remains set to the upside. The first danger signal is below 600 dollars, while in the medium-long term the 430 dollars area is the reference threshold.