What Happened: Bitcoin price briefly broke $25,005.53 and fell back to $24,971.23 before crossing the $25,000 mark and marching forward from there.
It traded at $25,500 as this article published.
Why It Matters: The main digital currency has had a record month, surpassing $20,000 less than two weeks ago, on Dec. 16.
It reached $24,000 three days later.
Crypto enthusiasts have been very optimistic about where today’s price is going.
Anthony Pompliano, a co-founder and partner at Morgan Creek Digital investment firm, suggested on Twitter that crypto traders are trying to pump the price to $26,000 today, for a “$26k on the 26th” push.
What’s Next: Analysts and trading experts believe there’s a bright future ahead for the leading cryptocurrency. A Citibank managing director, Tom Fitzpatrick, recently suggested that it might reach $318,000, while Guggenheim Investments believes it’ll cross $400,000.
Adam Black, a cryptography veteran and CEO of blockchain technologies provider Blockstream, believes that retail investors are behind this surge, as there’s no institutional trading during the Christmas holidays.
See more from Benzinga
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.