Bitcoin is boxing up to $25,000

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The flagship crypto traded at $24,845.80 with a daily trading volume of $44,952,165,090. Bitcoin is up 5.76% for the day.

The world’s most popular crypto is having a run not seen in the crypto-verse, especially on boxing day.

At the time of writing this report, the flagship crypto traded at $24,845.80 with a daily trading volume of $44,952,165,090. Bitcoin is up 5.76% for the day. The current market value of Bitcoin stands at $461,665,773,109.

What you must know: The flagship cryptocurrency is mainly decentralized, the first of its kind, and created by Satoshi Nakamoto. It was launched around January 2009.

Bitcoin is fired up on all cylinders, smashing its past record highs at the speed of light, and it seems the momentum trade is strengthening as mass media outlets embrace crypto coverage, on the bias that the flagship crypto rallied to an all-time high today and appears poised to take out the $25,000 level.

Recall some hours ago, BTC the institutional investors’ most favorite crypto, peaked at $24,661.76 on Bitstamp, a British-based crypto exchange, surpassing the previous high recorded about a week ago. The altcoin market also rebounded, with Ethereum (ETH), and Litecoin (LTC) posting impressive rallies.

Meanwhile, it seems a significant amount of Bitcoin owners are keeping the world’s most popular crypto for wealth preservation rather than as a utility tool, as data retrieved from Glassnode, revealed  Bitcoin  Percent Supply Last Active 1+ Years just reached a 7-month low of 59.601%, meaning Btc is becoming scarce. This is partly why the price keeps increasing.

  • The previous 7-month low of 59.603% was observed on 24 December 2020.

Metric description: The percent of circulating supply that has not moved in at least 1 year.

Source:
Nairametrics

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