Bitcoin has shattered expectations once again, touching a new all-time high of $24,217 on Saturday, December 19, 2020. The milestone came amid a frenzy of trading activity that saw over $1 billion in short positions liquidated across the futures market in just 48 hours, according to data from Coinalyze.
TL;DR
- Bitcoin reached a new all-time high of $24,217 on December 19, 2020
- Over $1 billion in short positions were liquidated over two days
- BTC dominance stands at 65%, with 21% weekly gains and 124% over 90 days
- Altcoins rallied in tandem: ETH at $659, LTC up 40% weekly, XRP gaining 146% in three months
- Kraken reported $531.4 million in spot trading volume for the day
Bitcoin’s Relentless Climb Past $24,000
The leading cryptocurrency surged past the $24,000 mark around 11:45 AM EST on Saturday, marking the latest in a series of record-breaking sessions that have defined December 2020. Bitcoin opened the month at approximately $19,700 and has since carved a relentless path upward, breaking through the psychologically significant $20,000 barrier before continuing its ascent.
At press time, BTC was trading around $23,423, having pulled back slightly from its peak. Still, the numbers tell a story of extraordinary momentum: a 21% gain over the past week, 25.1% over the last 30 days, and a staggering 124% increase across the 90-day window. Bitcoin’s market dominance relative to the broader cryptocurrency ecosystem remains firmly at 65%.
A Billion Dollars in Liquidated Shorts
The rally has been brutal for traders betting against the trend. According to Coinalyze data, Friday alone saw roughly $80 billion in futures market volume and $10 billion on spot markets. Approximately $800 million in positions — both longs and shorts — were liquidated in a single day. Over the preceding 48 hours, more than $1 billion in short positions were wiped out as the price surged.
This wave of liquidations underscores the intensity of the current move. As bitcoin pushes into uncharted territory, leverage traders on the short side have found themselves caught in a relentless squeeze, with each new price high triggering cascading margin calls.
Altcoins Join the Party
Bitcoin is not alone in its ascent. Ethereum (ETH) has been performing strongly, trading at $659 with a 9% weekly gain, 26% over the past month, and 90% over the last 90 days. XRP held its ground at $0.57, having gained 10.9% this week and an impressive 146% over three months.
Litecoin (LTC) emerged as a standout performer, surging 40% in a single week to reach $113, with a 168% gain over the 90-day span. Kraken’s daily market report noted that LTC posted a strong +9.9% gain on December 19 alone, bringing its weekly advance to nearly 70%. Bitcoin Cash (BCH) also spiked 25% this week, trading around $350.
Expert Predictions Point to Extended Bull Run
Finder’s 2021 Bitcoin Predictions Report surveyed 47 industry experts, and 58% of panelists expect the current bull run to extend into the second half of 2021. However, a majority also cautioned that a sharp correction could follow once the market reaches its peak valuation.
Gavin Smith, managing partner at Panxora Crypto Hedge Fund, noted that “Bitcoin is now being used as a hedge against fiat money printing by early adopters in both retail and institutional sectors.” He added that while the trend is expected to continue, the path higher will not be smooth: “We expect the market will exhibit high volatility to both the upside and downside but with a clear bias to higher levels.”
Why This Matters
Bitcoin’s breach of $24,000 represents more than just a price milestone — it marks a shift in the narrative around digital assets. The liquidation of over $1 billion in short positions demonstrates the sheer force of institutional and retail demand converging at a time when traditional markets are grappling with unprecedented monetary expansion. With spot trading volumes hitting $531.4 million on Kraken alone for a single weekend day, the message from the market is unmistakable: bitcoin has entered a new phase of price discovery, and the world is watching.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency markets are highly volatile. Always conduct your own research before making investment decisions.
$1 billion in shorts liquidated in 48 hours. thats what happens when you fight a trend fueled by institutional buying
800M liquidated in one day alone. coinalyze data was brutal. shorts got absolutely wrecked
Kraken doing $531M in spot volume in a single day. 2020 was when crypto exchanges realized they needed to scale infrastructure fast
65% BTC dominance with 124% gain in 90 days. alts had their moment later but this was bitcoin season
ETH at $659, LTC up 40% weekly, XRP 146% in 3 months. the whole market was moving but BTC was leading