Bitcoin continued its bullish rally starting on Christmas eve which saw the top cryptocurrency create another new all-time high of over $25,300. The top cryptocurrency touched $25K late at night on Christmas eve but soon rebounded to the $24,500 level. However, BTC managed to break the resistance today with its bullish momentum.
Bitcoin’s market dominance has scaled above 70% thus making it quite difficult for altcoins to enjoy the benefits of the bull run. The top cryptocurrency has managed to almost triple its price since the bitcoin halving in May this year.
Bitcoin started to climb the price ladders by the end of October rising from $13,000 to over $25,000 within two months’ time. The strong bitcoin momentum defying many fears of a market correction and price crash post record highs owing to the influx of institutional players buying bitcoin in loads. The 2017 bull rally was primarily carried by retail players and that is why bitcoin could not hold on to its price post breaching $19,000, while the current institutional Fomo has led bitcoin to breach new highs and also retain the gains.
Many belive the Christmas eve rally which saw Bitcoin breach key resistance of $24.7K, $24.8K, and $25K in a single day was the job of retail players rather than institutions. Adam Back, co-founder of Blockstream pointed towards the fact that yesterday’s bullish rally was carried by retail players rather than big institutions.
This is evident from the stoppage of inventory depletion in the spot market which means the spot market has started to see the rise of funds inflow pointing towards the entry of retail players, as they generally store more of their coins on exchanges, unlike institutions. On-Chain analysts Willy Woo pointed towards the re-accumulation phase.
The entry of retail could also help altcoins finally come to the party just like 2017 when most of the altcoins pumped to their ATH. Woo noted,
Retail tends to store more of their coins on exchanges which accounts for the inventory climb later in the cycle. This re-accumulation phase was 2x more powerful than the last cycle. It took 2x longer to complete and the depletion was 2x deeper. Very bullish.
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