The world’s largest cryptocurrency Bitcoin (BTC) seems to be an unprecedented rise as it keeps reaching record high towards the end of the year. After crossing the $20,000 mark for the first time early in December, Bitcoin has now touched $25,000 in value on certain exchanges like Coinbase and Bitstamp.
As the world celebrated Christmas on December 25, the price of Bitcoin surged to an all time high of $25,005.53. It did fall soon after to $24,971.23, marking a 6.28% rise on the day. However, many expect BTC to climb back up again soon.
With this BTC wraps up a prolific few months wherein the cryptocurrency saw a strong resilience to corrections. The $25,000 in value marks a whopping 240%.year-to-date rise in BTC.
While a similar (but not equal) rise in BTC value has been observed before, there is an important factor differentiating the current bullish run of the cryptocurrency. The strong growth in 2020 is being accredited to institutional investors. A report by Coindesk highlights some of these to be “Anthony Scaramucci’s Skybridge Capital ($25 million in December); MassMutual ($100 million in December); and Guggenheim (up to 10% of its $5 billion macro fund).”