Market Wrap: Bitcoin Surpasses $15.3K; Ether Up 210% in 2020

Bitcoin is hitting fresh highs during a surge past $15,000 while investors may be overlooking the upside of ether in 2020.

The price of bitcoin jumped Thursday, going up to $15,306 around 15:50 UTC, according to CoinDesk 20 data, taking it to its highest price point since Jan. 8, 2018, when bitcoin's high was $15,360.

"Bitcoin is above the psychological threshold of $15,000 today on strongly positive momentum, having cleared resistance from 2019," said Katie Stockton, a technical analyst for Fairlead Strategies.

Analysts still see bitcoin as an asset to bet on in uncertain times over the long term.

Next year "Will probably see more individual support payments all over the world, and some of that money is inevitably gonna be placed in bitcoin."

In the futures market, open interest for bitcoin contracts was back at $5.4 billion, with CME's $804 million taking third place of all venues as institutional investors poured money in.

The CME is a U.S.-regulated exchange for larger investors and brokerages, therefore its open interest growth is a signal large players are placing hedges and directional positions as part of some sort of bitcoin strategy.

Bitcoin boosters like to talk about its 2020 price gains as a hedge against an uncertain global economy.

Ether has done even better than bitcoin so far this year, up 210% versus bitcoin's 95% gains.

"Ether holds similar qualities to bitcoin as a general economic uncertainty hedge but also has the added value of utility with the network it powers," Willock said.