After seeing a decline of its price a few days ago, Bitcoin has accelerated its pre-Christmas rally and has reached the $24,000 mark for the first time in history, before declining to $23,978.89 on the day. On December 19 at 17:16 UTC, the cryptocurrency hit $24,049 and was up to 6.75% in a day, according to CoinMarketCap.
The past week, the cryptocurrency rallied by 33% in a month and up 234% since the beginning of 2020.
Some crypto traders have projected that Bitcoin could climb up to $25,000 by Christmas. The price of the cryptocurrency is set to get a seasonal boost over the coming days with the current holiday festivity.
A crypto analyst said: “We’ve got 5 days to pump $BTC to $25,000 and $ETH to $800.”
Meanwhile, Philip Gradwell, the chief economist at Chainalysis blockchain analysis company, stated on Thursday, December 17 that he anticipates seeking a huge swing in the price over the next few days as the market attempts to get a balance between supply and demand….