In almost three years since bitcoin first approached its valuation of $20000 a piece, bitcoin has finally broken the most important figure and reached an all-time high. Bitcoin has always been a strong resistance level for bitcoin. After several attempts, bitcoin broke through this level last week, actually reaching $24000 for a short time. As this is a whole new field, the next move for coins will be interesting. What seems different from 2017, however, is that the rebound so far has been driven by institutional interest, as well as by 2020, well-known companies and investors are raving about bitcoin, especially the market panic caused by this year’s new crown. The rise in bitcoin prices has also had a ripple effect, as other coins have soared – including Ethereum. But on top of that, the volume of transactions in the cryptocurrency sector has also set a record. At the same time, in the more traditional market space, there seems to be a sense of waiting and waiting for the expected announcement of the US stimulus plan. Prices of commodities such as silver and gold have been rising. Can bitcoin rise even higher before the end of the year? In this unprecedented era, will the price of bitcoin really fall? Read the rest of primexbt’s weekly Market Research Report. Bitcoin hit a record high. It was an exciting week for BTC and the general cryptocurrency market. BTC finally broke through the psychological barrier of $20000. After clearing $20000 on Wednesday, the BTC price quickly rose to a high of $23777 within 18 hours, and consolidated around $23000 on Thursday. On Wednesday, total trading volume on the spot exchange surged to more than $3 billion, a record high, largely due to the purchase of BTC. Supporters of a range of new institutions have pushed the move, with institutions such as one river digital saying it expects to hold about $1bn in BTC and eth by the first half of 2021 and has bought $600m worth of shares. In addition, another investment company, ruffer investments, confirmed that it had purchased about 45000 BTCs of $74426 million in November. Although it is not clear who was the buyer who pushed BTC prices above $20000 on Wednesday, the data showed that stable coins flowing into the exchange soared before BTC prices rose sharply. This proves once again that the current rise in BTC is supported by cash purchases by the spot exchange, which is more tolerant of downward volatility, indicating that this price level may be sustainable, unlike futures and options, which are leveraged positions and unable to withstand price fluctuations. As a result, the market value of stable coins has increased to $25 billion, of which the market value of the US dollar against the US dollar has doubled from US $10 billion in September to US $20 billion at present. Source: the total trading volume of cryptoquant cryptocurrency has exceeded the record. Driven by the spot market, the trading volume of the futures market has also reached a record high, with the futures volume reaching US $82 billion and the open interest rate reaching US $8 billion for the first time. Trading volume in the options market also surged to more than $1 billion, with ath’s open interest rate of about $6.5 billion. However, traders do note that there will be a large number of options maturing on Christmas day, with 92900 sets or about $2bn worth of contracts due. With the rally supported by institutions, downward volatility is likely to increase in the next two weeks, as most institutional investors are on holiday at the end of the year. Many BTC buyers have been buying BTC in shillings. Guggenheim said BTC should be worth $400000. At the same time, GBTC’s premium on BTC prices has risen to 30%, which means investors will pay a 30% premium to buy the grayscale bitcoin trust to gain exposure to BTC. Although grace continued to acquire BTC and eth, the pace of acquisition slowed down last week, but it acquired more LTCs, adding about 70000 units to its LTC trust. It now has 975000 LTCs. LTC was the best among the top 10 tokens last week, rising about 45% to a high of $110 last week. Funds like grayscale are more active in buying LTC and are expected to test $150 soon if the cryptocurrency market remains strong. In addition, the news that CME will launch eth futures in February next year has boosted the already positive sentiment, and eth has also experienced a sharp rise. Defi products also benefited from the rise in market sentiment, with TVL rising from $14 billion to $16 billion last week, boosting the price of defi tokens, more because of the rise in eth prices. At present, the market value of the encryption market has risen to $700 billion. Last week, a handful of central banks reiterated their easing policy, with central banks in the UK, Japan and the US continuing to buy assets. The US, in particular, has promised to continue buying bonds until the economy recovers, which means QE will continue indefinitely. On top of that, the US Congress just passed a $900 billion stimulus bill yesterday, which will support the current rebound. A quiet stock market, gold prices rebounded last week, the main central bank’s easing policy to maintain the normal operation of the stock market, and this week, the US $900 billion economic stimulus bill will continue to make the U.S. stock market slightly higher. However, US President Donald Trump signed a bill late Friday that would drive Chinese companies out of the US stock exchange unless they comply with us auditing standards. As a result, Chinese companies listed on us exchanges are expected to face some selling pressure. Last week, after central banks confirmed that they would continue to print money, gold and silver finally rose, both of which erupted from their respective consolidation regions. As we enter the final weeks of 2020 and the new year, gold and silver seem to be ready to go higher. Yesterday, the passage of the $900 billion stimulus package will provide impetus for gold prices to break through the resistance of $1920 and resume the upward trend. The information provided in the primexbt market report includes, in addition to charts from various data sources, information provided by Kim Chua, chief market analyst at primexbt. About the author: Kim Chua Kim Chua is an institutional trading expert with a strong track record of successful transactions with a number of major banks, including Deutsche Bank and China Merchants Bank. Kim Chua later set up a hedge fund with triple-digit returns for seven consecutive years. Kim Chua, who is also an educator, has developed her own self trading course to pass on her knowledge to a new generation of analysts. Kim Chua is active in the traditional money market and cryptocurrency market and is eager to look for future investment and trading opportunities as these two distinct asset classes begin to converge. Risk tips any of the above views are general. Transactions in cryptocurrencies, derivatives, foreign exchange products, CFD, securities and similar products involve high risks and may not be suitable for all investors. 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