Bitcoin price approaches 30,000 US dollars

New all-time highs: Bitcoin price approaches 30,000 US dollars

Bitcoin records growth of 8 per cent and comes ever closer to the 30,000 US dollar mark.

Bitcoin (BTC) broke its all-time record again on 30 December. A rally saw it rise above its previous all-time high of US$28,400.

BTC price hits new all-time high

Data from Cointelegraph Markets and TradingView shows that the BTC/USD pair hit its previous peak again on Wednesday.

Overnight, Bitcoin confirmed that the bears don’t stand a chance after briefly falling as Crypto Code low as US$25,830 in the last 24 hours.

At press time, it had risen 7.5 per cent over the day. It reached a new all-time high of 28,560 US dollars.
BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

This brings Bitcoin ever closer to the US$30,000 mark. This new psychologically important level just before the end of the year seemed almost impossible a week ago.

However, as Cointelegraph reported, analysts still believe that the cryptocurrency could fall back to support at US$19,500.

On Tuesday, Cointelegraph Markets analyst Michaël van de Poppe nevertheless stressed that US$27.500 was a key area to break through to reach new all-time highs.

Ether price grows fastest among altcoins

The impact on the major altcoins was clear. Ether (ETH) approached US$740 after rising 5.5 per cent throughout the day.

Polkadot (DOT) confirmed this strength as it rose almost 50 percent for the week.

As before, XRP was the exception. It lost 10 percent over the day and continues to be denoted by major exchanges. This is having an impact on sentiment. The battered coin was nevertheless able to rise above 0.20 US dollars again.