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Bitcoin soared 20% last weekend from Friday morning through Monday, passing $11,000 to reach its highest point since August 2019. The “HODL wave,” the amount of bitcoin unmoved on the blockchain in the previous year, is at an all-time high of 63%, passing its previous high in early 2019 prior to a bull run from $4,000 to $14,000. Bitcoin’s rally remained below a significant multi-year resistance level of $11,500.
When bitcoin is strong, altcoins typically underperform, though other major cryptocurrencies like ether, XRP and litecoin caught up late in the week to match or exceed bitcoin’s gains. But bitcoin’s “real” market dominance, as measured only against other cryptocurrencies that are attempting to be money, is still almost 80%.
BITCOIN BULLS REJOICE
A new survey indicates that 15% of Americans own some form of cryptocurrency, and more than half of them bought it for the first time in 2020, and bitcoin’s binge has bulls salivating over where the price can go from here. Former hedge fund billionaire-turned crypto investor Michael Novogratz expects bitcoin to hit $20,000 by the end of the year, fueled by the expectation of more stimulus packages and an influx of retail investors.
Crypto podcaster Brian Krogsgard shares a rosy outlook, anticipating that bitcoin will challenge its prior record highs in 2021. The options market isn’t as ambitious, signaling only a 7% chance bitcoin will reach its all-time highs before the end 2020.
BETTING WITHOUT A BOOKIE
Ethereum gambling startup Augur released Version 2 of its platform this week, a significant update that is integrated with a…