Bitcoin price rallied to $17,858 with a higher number of volume surge, pushing the price through the $17,100 to $17,300 field. Many analysts predicted the above range would be a powerful resistance level. However, Bitcoin managed to set another high in 2020 by rallying above the $18,000 mark for the first time in 3 years.
Institutional Interest in Bitcoin
With this newest Bitcoin uptrend price action, the world’s largest cryptocurrency recorded its highest market cap ever achieved. The uptrend is propelled largely by, Institutional investments with a larger piece of the pie going to GrayScale, MicroStrategy, and Square. The product integrations carried out with PayPal also was a good move towards the achievement of the bull run.
The market capitalization now lies above $334 billion and, Bitcoin reached $18,000 passing the $17,000 mark within less than a day. Bitcoin gained 9% in value in the last 24 hours and gained nearly 80% after the brief dip to $10,000 during the start of September.
The public company, MicroStrategy Co-Founded by Bitcoin believer Michael Saylor stepped into the world of Bitcoin investments, buying 21,454 BTC value then was $250 million in August 2020. The same way Square, led by Jack Dorsey, bought another 4,709 BTC when the value of the coin was at $12,000. These institutional investments undoubtedly had an impact on the price of the BTC to rise above other investments in the market.
Lucas Huang, the head of growth for decentralized exchange Tokenlon, mentioned;
“Is the top already in? We can’t tell, but our users are certainly interested in Bitcoin’s rallying price…We may not wait long to see [a] Bitcoin all-time-high again.”
At this pace, we are not very far away from Bitcoin’s all-time high of $20,089 in December 2017. In 2017 the rally was predominantly driven by retail traders and FOMO (Fear of missing out.) In 2020 the scene is vastly different and we will reach the price target of $20,000 hopefully by December 2020.
