Bitcoin’s New Year’s Resolution: Steal The Headlines

Welcome back to our weekly newsletter, where we try and provide some timely insight into the ever-changing world of crypto. We’re less than one week into 2021 and we’ve already had more activity than many other asset classes see in a year. Bitcoin has continued to blast through all-time highs before a dip in price yesterday, whilst Ethereum has been chasing its own high. The S&P 500 struggled midweek, before recovering and finishing on 3,803. The FTSE 100 surged midweek as optimism about vaccinations and the finalization of the US election took hold, before tempering off amid fears of inflated valuations. 

Blockchain, Technology, Smart, Bitcoin, Money

Image Source: Pixabay

Simon Peters

Bitcoin’s new year’s resolution: Steal the headlines 

The start of 2021 has been nothing short of extraordinary. The steady rise in the second half of 2020 made it very likely that we’d reach a new all-time high by the new year, but the price action since then has been phenomenal. Despite the dip yesterday, where bitcoin fell from $41,000 to $34,000, we are still in a healthy position. Not only are we continuing to see institutional investment, but bitcoin being held on exchanges is decreasing as investors move their tokens to wallets, with Glassnode data showing an increasing level of illiquid bitcoin as more and more investors hodl.  

I believe we can look to the $70,000-90,000 range as a price target for the end of 2021. There will inevitably be bumps along the road, and no doubt a number of retracements will occur, but there are also gains still to be had. 

David Derhy

Ethereum hot on the heels of ATH 

Whilst bitcoin has been taking all the headlines in the mainstream press, Ethereum also displayed some impressive price movement at the tail end of 2020. This has continued, with the cryptoasset fast approaching its all-time high of $1,400. 

Ethereum saw an exceptional rise, having started last week just above $1,000. Investors in bitcoin may be looking to take some profits and reallocate, and Ethereum could be a target. 

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Disclaimer: This article should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been ...

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