Litecoin, XRP, Bitcoin, Ether, Cardano, Kyber Network, USDC, Ether Futures, Market Wrap, Bitcoin $20K

Bitcoin has continued trading higher Wednesday after breaking above the $20,000 level during early U.S. trading hours. Meanwhile, with a short supply of bitcoin and a surging demand, traders and analysts are optimistic the oldest cryptocurrency can keep its bull run going for a longer time.

  • Bitcoin (BTC) trading around $20,808.28 as of 21:00 UTC (4 p.m. ET). Gaining 6.70% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $19,293.30-$20,890.11 (CoinDesk 20)
Litecoin, XRP, Bitcoin, Ether, Cardano, Kyber Network, USDC, Ether Futures, Market Wrap, Bitcoin $20K
Bitcoin trading on Bitstamp since Dec. 15.
Source: TradingView

Bitcoin’s price continued higher after it hit the $20,000 threshold, and that is likely due to a combination of a rising demand and a shortage of supply.

Read More: Bitcoin Hits Record Above $20K as Analysts Remain Confident of Future

“This bull run has been evidently driven by traditional financial institutions [that] have been actively buying bitcoin dips of late as an investment and treasury product. They have a long-term strategy for these assets,†Jason Lau, chief operating officer at San Francisco-based exchange OKCoin, told CoinDesk. “So with increased demand, HODLing and fewer block rewards due to the recent halving, the price may have no limits.â€

Moments before bitcoin’s price broke $20,000 earlier Wednesday, on-chain data provider CryptoQuant’s chart captured an unusual spike in the number of stablecoin inflow addresses moving to all exchanges.

Read More: Stampede of Bitcoin Buyers Pushed BTC Past $20K, Exchange Data Shows

Litecoin, XRP, Bitcoin, Ether, Cardano, Kyber Network, USDC, Ether Futures, Market Wrap, Bitcoin $20K
The number of stablecoin inflow addresses count for all exchanges.
Source: CryptoQuant

The increase in stablecoins going to exchanges usually means there is a strong buying power, according to Ki Young Jun, chief executive of CryptoQuant.

The surging demand came around the time U.K.-based Ruffer Investment confirmed to CoinDesk it bought about $744 million worth of bitcoin last month.

Read More: Ruffer Investment Confirms Massive Bitcoin Buy of $744M

“We’re fast approaching a tipping point where more institutions make allocations as an inflation hedge,†Micah Erstling, a trader at GSR, said. “Each new big name instills further confidence in the market.â€

Read More: Federal Reserve Keeps Rates Unchanged, Adds Qualitative Guidance on Pace of Money-Printing

Bitcoin’s trading volumes on the eight major exchanges tracked in the CoinDesk 20 were also strong on Wednesday, at $2,075,614,385 as of press time, the second-highest volume in December after Dec. 1.

Litecoin, XRP, Bitcoin, Ether, Cardano, Kyber Network, USDC, Ether Futures, Market Wrap, Bitcoin $20K
Source: CoinDesk, CryptoCompare

With bitcoin surpassing its highest level since its 2017 high, if the breakout keeps going for the next two days new resistance at around $25,000 could be possible.

“Because there is no additional resistance and targeted levels have been exceeded,†said Katie Stockton, a technical analyst for Fairlead Strategies, “we can use round numbers like $25,000 as gauges of potential resistance.â€

Bitcoin’s options market also supports the widespread optimism on prices, according to Denis Vinokourov, head of research at the London-based prime brokerage Bequant. He noted that the most open interest for bitcoin is at $36,000 expiring in January.

“Although a rally of such magnitude is unlikely to be beneficial for overall market health,†Vinokourov said, “it would make the most sense to instead see price action around $19,500-23,000, which will be far better for long-term prospects.â€

Ether May OutPerform Bitcoin On CME’s New ETH Futures

The second-largest cryptocurrency by market capitalization, ether (ETH) was Wednesday trading around $623.58 and climbing 5.47% in 24 hours as of 21:00 UTC (4:00 p.m. ET).

Analysts expressed their bullish attitude towards ether after the Chicago Mercantile Exchange (CME) announced it will launch a futures contract on ether in February 2021.

Read More: CME Announces Ether Futures Contracts

“Up until now, bitcoin has been the only crypto asset with publicly traded futures on a venue the caliber of the CME,†Vinokourov said. “With ether now also having this on-ramp, and having far more use cases than bitcoin, it would make sense for it to see exponentially higher growth than bitcoin.â€

Although ether’s price is still less than half of its all-time high, the current rally could create a new resistance near $805, according to Stockton.

Litecoin, XRP, Bitcoin, Ether, Cardano, Kyber Network, USDC, Ether Futures, Market Wrap, Bitcoin $20K
Ether’s price also spiked after bitcoin broke the $20,000 record.
Source: CoinDesk 20

Other markets

There were very few losers on the CoinDesk 20 as of Wednesday. Notable winners as of 21:00 UTC (4:00 p.m. ET):

  • litecoin (LTC) +8.75%
  • xrp (XRP) + 8.07%
  • cardano (ADA) + 5.91%

Notable losers:

  • usdc (USDC) -0.12%
  • kyber network (KNC) -0.12%

Equities:

  • Asia’s Nikkei 225 ended the day up 0.26% after investors showed increased optimism over the prospect of more stimulus.
  • The FTSE 100 in Europe closed in the green 0.9% as positive news came from the real estate market in the U.K. and about a possible post-Brexit trade deal.
  • The S&P in the United States closed up 0.18% as more hopes grew an economic stimulus deal can be worked out in the Congress.

Commodities:

  • Oil was up 0.48%. Price per barrel of West Texas Intermediate crude: $47.58.
  • Gold was in the green 0.63% and at $1864.80 as of press time.

Treasurys:

  • The 10-year U.S. Treasury bond yield climbed Wednesday to 0.92.
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