Bitcoin Nears USD 26K After Smashing USD 25K On The Same Day
The most popular cryptocurrency, bitcoin (BTC), is on a Christmas bull run as its price hit USD 25,000 for the first time in its history today and jumped to almost USD 26,000.
At the time of writing (17:16 UTC), BTC trades at USD 25,813 and is up by 7% in a day and in a week. The price rallied by 52% in a month and 255% in a year. BTC hit USD 20,000 ten days ago.
BTC price chart:
"What we’ve witnessed during the last few months is just how amenable high-profile investors appear to be to the bitcoin pitch. An analogy I keep coming back to is that of a focus group—you take a small sample and expose them to a certain idea or concept, and you study their reactions," Eric Wall, Chief Investment Officer (CIO) at Arcane Research, said.
According to him, if the focus group members are representative of a larger demographic, the group’s reactions can be expected to reflect the views of that larger demographic.
"The results are now in; the pitch is working," he added.
However, according to the CIO, giving an exact price call for a new bull cycle is "rather baseless guesswork" as the peak will entirely depend on "how intense the hysteria gets at its climax."
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