Bitcoin Almost Surges to Fresh Record All-Time High of $25,000

Jafrin  |  Dec 26, 2020

Bitcoin price hits an almost new all-time high of $25,000, a week after breaking the $24,000 level for the first time. The price of the world’s largest cryptocurrency by market capitalization touched a new record of $24,930.69. The yearly high of the cryptocurrency has been up by more than 240%.

Bitcoin Almost Surges to High of $25,000

The leading cryptocurrency’s price run comes following institutional investors' gigantic investment in the digital asset. For instance, Anthony Scaramucci’s Skybridge Capital invested $25 million in December. In the same month, MassMutual invested over $100 million while Guggenheim invested up to 10% of its $5 billion macro funds.

Bitcoin’s success in the crypto market comes as a surprise given the cryptocurrency price touching a yearly low of $3000 in March to quickly climbing towards being a competitor to gold by the end of the year. The current market capitalization of Bitcoin stands at $460 billion, while that of gold stands at about $10 trillion.

Meanwhile, there have been yearly improvements in the cryptocurrency with over 40.46% growth in new wallets of year-to-date creation on crypto exchanges, as per data from Blockchain.com. Around 18 million new wallets have also been created on the site since December 2019.

Bitcoin Continues Climbing to Uncharted Highs

The latest BTC rally saw the cryptocurrency climbing to uncharted highs and this hasn’t just been reflected in the markets. Away from the exchanges and OTC desks, private and institutional investor interest towards the cryptocurrency is also at a rapid pace.

There has been a recent growth of crypto venture capital funds, raising billions of dollars throughout the year. Analysts are even expecting that the cryptocurrency could trade as high as $250,000 or more.

According to data from the blockchain analysis company, Chainalysis, there have been more than 11.9 million transfers of less than $1,000 of bitcoin into personal wallets. This has been up from about 9.1 million in 2017, signifying more investors have contributed to the historic 2020 rally.

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