After breaking the $25,000 level for the first time on Friday, the digital asset continued with its relentless mission to leave a trail of breaking old records and setting new ones. Each BTC unit is currently exchanging hands for $27,300. At this rate, a charged run above $30,000 might be on the horizon.
Bitcoin is up more than 9% in the 24 hours and its market dominance has risen to 70.1%. The digital asset is more than 260% in the green in year-to-date (YTD) performance.
Bitcoin critic Peter Schiff noted that BTC’s market dominance could rise to as high as 80%. Bitcoin last had an-80% market dominance in 2016 before the 2017 altcoin rally reduced BTC’s dominance.
Now that #Bitcoin dominance is above 70%, the next technical objective is 80%, which was the approximate low in 2016 before the big 2017 altcoin rally. However, this type of move is more likely to occur in a crypto bear market than in a bull market. If so then look out below!
— Peter Schiff (@PeterSchiff) December 26, 2020
Bitcoin’s driving force
Bitcoin’s rise to new heights in the last quarter of the year is mainly attributed to institutional capital flowing into the market at a healthy rate.
Anthony Scaramucci’s Skybridge Capital, which is running a full bitcoin node, invested $25 million into a new fund. Insurance company MassMutual purchased bitcoins worth $100 million.
Apart from institutions driving the price of bitcoin, central banks around the world have switched on their money printing machines to limit the economic effects of the coronavirus pandemic. Printing more money is seen as a sure way of leading to inflation, and bitcoin is seen as a hedge.
Bitcoin pioneer Max Keiser explained that the increasing BTC price is a statement about the collapse of fiat currencies.
Most important tweet of the week.
What #Bitcoin price is saying - is that fiat money everywhere - is in a hyperinflationary collapse against BTC
Central banks are on the cusp of collapsing GLOBALLY
The hyper panic-buying of Bitcoin hasn’t even begun and supply is drying up https://t.co/0MUGk28bjJ
— Max Keiser (@maxkeiser) December 26, 2020
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