Bitcoin makes a historic milestone as the price of the cryptocurrency hits a new all-time high of more than <strong>$23,000</strong>. The world’s most popular cryptocurrency rallied having blown past two price hurdles to reach a record all-time high. The digital asset is up by 20% from this week alone, indicating further gains ahead. Bitcoin's new price high puts the cryptocurrency's market cap over $400 million. This is just 20 times away from that of <strong>gold’s market cap</strong>.
<h2><strong>Bitcoin Price Hits Record All-Time High of $23,000</strong></h2>
The world’s largest cryptocurrency by market cap jumped up by 4.6% to cross the $23,000 mark today. The digital coin did anchor around $21,300 for a few hours during the early Asian trading hours, as per data from <a href="https://www.bitstamp.net/markets/btc/usd/?action=buy" target="_blank" rel="nofollow noopener">Bitstamp</a>.

On Dec. 17, the cryptocurrency was trading up by 14.46 percent at $22,120 at 03:10 GMT on <strong>Binance</strong>, the world’s largest cryptocurrency exchange by trading volume.

The cryptocurrency's latest price rally has been linked to the recent <a href="https://www.cryptoknowmics.com/news/bitcoin-bulls-profiling-the-standing-of-institutional-investors/">increased institutional investments</a> with the recent announcement by <a href="https://www.cryptoknowmics.com/news/hedge-fund-guggenheim-seeks-to-invest-in-bitcoin-via-gbtc/">Guggenheim Partners</a> investing $530 million into a Bitcoin Trust.

A key element for Bitcoin’s incredible price action also includes the <a href="https://www.cryptoknowmics.com/news/bitcoin-fomo-is-it-too-late-for-new-bitcoin-investors/">factor of FOMO</a> or the fear of missing out. The cryptocurrency has been swinging mostly upwards the entire month of November and early December.

Meanwhile, in the traditional financial markets, the S&amp;P 500 Index is up by 0.18%, while the Dow Jones Industrial Average is down by 0.15% for the day.
<h2><strong>Bitcoin Rally Could Continue Ahead</strong></h2>
At the time of publication, BTC/USD is currently around $23,053. The cryptocurrency's three moving averages, the 200 SMA, the 100 SMA, and 50 SMA, are behind BTC, currently looking to catch up. This signifies the king coin is exceptionally bullish.

The least resistance path is upwards with no known resistance ahead. Hence, the cryptocurrency's price rally could continue as far as the speculation will permit.

Bitcoin currently accounts for approximately 64% of the entire global cryptocurrency market.

Bitcoin Price Exceeds $23,000 for the First Time

Bitcoin makes a historic milestone as the price of the cryptocurrency hits a new all-time high of more than $23,000, having blown past two price hurdles.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Bitcoin Price Exceeds $23,000 for the First Time

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