Bitcoin, the largest cryptocurrency by market cap, has recorded its biggest weekly candle ever in dollar terms.
The cryptocurrency capped off its historic week with a 22.49 percent uptick, adding $4,318 over the course of seven days.
Bitcoin whales keep accumulating
Dec. 16 went down in history books as the day Bitcoin finally smashed the pivotal $20,000 resistance, extending its headline-grabbing rally.
The cryptocurrency then soared to a new all-time high of $24,298 on Dec. 20.
According to data provided by Santiment, the number of wallets that hold more than 1,000 BTC continued to go up, meaning that whales continued to accumulate.
On Dec. 17, the number of Bitcoin millionaires shot up 150 percent because of early miner addresses, as noted by Glassnode.
Meanwhile, smaller holders felt pressured to take profits in the $22,000-$24,000 region.
Alex DovbnyaMore money printing
Yesterday, the U.S. Congress finally nailed down a long-sought stimulus deal, agreeing on $900 billion worth of relief aid.
Bitcoin proponents believe that the government-funded stimulus package should provide a fillip to the cryptocurrency that is considered to be a hedge against money printing.
Many prominent executives — from Twitter CEO Jack Dorsey to Social Capital CEO Chamath Palihapitiya — have ridiculed modest $600 direct payments that will be sent out to millions of Americans.
Meanwhile, those who spent their $1,200 stimulus checks on Bitcoin ended up getting the last laugh. The cryptocurrency is up 257 percent since then.
Dan Burgin
Vladislav Sopov