For the first time in December 2020, Bitcoin has crossed the $19, 800 before experiencing a slight retracement.
The $19, 500 has been a resistance level since November 2020. However, growing buyer support has continued to see the most popular cryptocurrency rally and it is expected to hit uncharted territory of above $20, 000 anytime soon.
The current volumes now stand at above $410 billion. Mega exchange Binance is already prepping up for a new ALT as other exchanges and traders similarly anticipate a new all-time high.
The dollar, which is the global reserve currency, has already declined by 6.5% in 2020.
2021 is expected to see a further dollar decline and a rising global stockpile of negative-yielding bonds. Predictions of a 5% fall for the Dollar Index in 2021 have already been mentioned, further fueling the drive towards safe haven assets like bitcoin.