Bitcoin Smashes $51,506 for the First Time Since December 8th

Olivia Brooke
December 25, 2021
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Bitcoin price in August

Bitcoin, the largest cryptocurrency by market cap, is coming in hot on the day with a price hike that has seen it surpass $51,500 for the first time since December 8. Per CoinMarketCap data, Bitcoin’s price reached a high of $51,506 on the day, having surged around 3.24% from yesterday. It is currently trading at around $51,200.

The price uptick has led crypto market social metrics tracker, Santiment, to speculate that Bitcoin is set for a significant price surge as bullish sentiments take hold of the market. This was expected according to the platform because the $50,000 price level of Bitcoin has become a psychological support level for traders.

The data shows that the market is picking up momentum as the year draws to a close. The trend is akin to the performance of Bitcoin towards the end of 2020 where the price picked up traction significantly between December and January, climbing from around $20,000 to over $40,000 before correcting to around $30,000. Should the same scenario play out, Bitcoin could be poised for a bull run that would see it smash its current all-time high and proceed to $100,000 and above.

Bitcoin presents a Christmas gift despite adversity

The strong positive sentiment is also reflected by on-chain data which shows that the supply of Bitcoin on cryptocurrency exchanges has reached lows not seen in years in the crypto market. According to data posted by CryptoRank, just 6.3% of the total supply of Bitcoin is currently on exchanges – the lowest figure recorded in 2021.

Notably, the price surge which is fuelling positive sentiments is coming on the back of some disappointing news for the market as the SEC today denied the applications filed by Valkyrie and Kryptoin for spot bitcoin ETFs.

The SEC stated neither of the applications met its standards as far as preventing market manipulation and protecting investors were concerned. The market has remained in good spirits despite the news and continues its surge. It remains to be seen where the price of Bitcoin will end the year.

 

 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Olivia’s interests spans across the Cryptocurrency and NFT and DeFi industry. She remains as fascinated by cryptocurrencies today, as she was back in 2017, when she first started reading up about them.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.