Bitcoin breaks $29,000 coming into New Year Eve of 2020

With Bitcoin's parabolic run continuing throughout the Christmas and already breaking the barrier of $29,000 only two weeks after long awaited break of 2017s highs of $20,000, Bitcoin is showing little signs of giving up the magnificent parabolic run despite many trading indicators appearing to be overstretched and exhausted by now.

• With Crypto market never sleeping, unlike the regulated establishment like CME with its futures products having closed for trade between the period of 24th December until 28th December, investors have managed to push the price by a record breaking $3000 creating a record breaking upside gap which is yet to be filled.

• In the last days notably the U.S. Dollar Currency Index (DXY) appears to be sinking to new yearly lows causing its holders to reconsider the positions they are willing to keep in cash, with some of the money likely flowing into Bitcoin.

• The market cap has risen to a record breaking 540 Billions of Dollars, putting itself even further ahead of other cryptocurrencies and recently overtaking the market cap of big financial companies like Visa.

• With every dip below a certain level of Bitcoin Dominance which happens to be around the psychological barrier of 70% some of the altcoins appeared to be starting to burst out and hype beginning around the new alt season, with it typically being very short lived as Bitcoin kept managing to climb back above, spooking the altcoins and currently testing the previous year highs being at around 71.35%

• With the break of $29,000 Bitcoin appears to be the closest ever to breaking one of the only remaining All Time Highs set back in 2017 with Gold being just about 1% away from testing it with each Bitcoin currently being valued at 15.4 ounces of gold, with the previous high of 15.6

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This article was originally published on read.cash