The market-leading cryptocurrency rings in the new year by jumping over another major hurdle.
Bitcoin (BTC) is starting the new year with a big bang, as the market-leading cryptocurrency managed to crack the next psychologically important hurdle today, 2 January.
Bitcoin weekly chart (Coinbase). Source: Tradingview
With momentum into the new year
Accordingly, as data from Cointelegraph Markets, Coin360 and TradingView shows, Bitcoin has now climbed above the US$30,000 mark.
After initially recording a new record high of 29,700 US dollars in the night, Bitcoin did not let up, whereupon, after several attempts, the next major hurdle could finally be crossed.
The area below the 30,000 US dollar mark had actually recently shown itself to be a fierce resistance, as the market-leading cryptocurrency repeatedly faced strong selling pressure here in recent days. A similar scenario had already played out at the US$20,000 level a few weeks ago.
„If you are waiting for an entry point to hold bitcoin for the long term, don’t be stingy now. A few thousand dollars more or less won’t hurt you afterwards when it goes up to 100,000, 200,000 or 300,000 US dollars in a year’s time,“ as Willy Woo sums up the current situation. To that effect, he adds:
„The big high is finally here, the influx of capital is crazy.“
Altcoins neither fish nor fowl
Meanwhile, the major altcoins are giving a very mixed picture, with Ether (ETH) not being pulled along by Bitcoin, but remaining just below US$740.
Polkadot (DOT) is down as much as 6.3%, but this only slightly dims the strong weekly gain of 60%.
XRP’s price movements, on the other hand, are surprisingly strong. Despite the SEC complaint against XRP issuer Ripple, the cryptocurrency is able to hold at US$0.23 after a 7% gain on Friday.