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Bitcoin is unstoppable! It hit $ 28,900 per unit and can proceed to rise, based on specialists

In less than three weeks, the popular cryptocurrency has seen a 60% increase in value, and specialists predict it will hit $ 30,000 in the near future.

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December
30, 2020

3 min read

This article has been translated from our Spanish edition using AI technologies. Errors can occur due to this process.

This story originally appeared on Alto Nivel

Bitcoin hit a new all-time high this Wednesday, December 30th. The cryptocurrency traded above $ 28,900 (approximately 574,000 Mexican pesos). This corresponds to an increase in the unit price of more than 60% since December 12th.

In the past 24 hours, Bitcoin (BTC) has cost up to $ 28,925, according to CoinMarketCap and Glassnode. The website Coindesk, which specializes in crypto currencies, registered a maximum of 28,969 US dollars.

1 #BTC = ↑ 28,000 USD
Bitcoin is the money of 2020 and the money of the future

– Bitso (@Bitso) December 30, 2020

However, the price of Bitcoin did not stabilize at this all-time high for long and continues to fluctuate. Minutes after exceeding $ 28,800, it had a slight decrease to nearly $ 28,600. But it recovered quickly, rose higher, and did not fall below that low.

On December 12, the value of one bitcoin was $ 17,650. It broke the $ 20,000 mark on the 16th of the same month and has not stopped rising since then. This corresponds to an increase of almost 64% in just 18 days.

Will Bitcoin Reach $ 30,000?

According to the latest report from Glassnode, a company that analyzes the behavior of cryptocurrencies, Bitcoin has a bright future thanks to the few units available in the market.

Only 22% of the existing bitcoins would actually be part of the market. Meanwhile, a larger number of large investors are acquiring the cryptocurrency as a store of value, according to the company. In his calculations, these ever-moving BTCs are only 4.8 of the more than 18.5 million that exist.

The researchers found that the number of bitcoins in motion has decreased in recent months. There are fewer and fewer companies willing to sell their bitcoins. "This suggests that the current bull market is being driven by amazing illiquidity," the report said.

The study therefore concludes that the lack of BTC in the market predicts a future upward movement in the price of the cryptocurrency. In other words, the fewer the circulating units available, the more expensive it is to obtain them. Experts estimate it will soon hit $ 30,000 per unit.

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