Bitcoin to Mark a New All-Time-High With $29,000
The world’s first cryptocurrency Bitcoin, recorded another high this Wednesday. Whilst the Trump administration is pushing to send a one-time stimulus package to millions of American citizens starting soon this week, following Trump’s late signing of papers for a $900 billion coronavirus aid package.
Many institutional investors started investing in Bitcoin as a hedge against fiat devaluation. Organizations like MicroStrategy invested closer to $1.1 billion in Bitcoin. Other examples are Galaxy Digital, Square, and many other institutions that followed the trend.
Bitcoin just broke past $29,000 achieving a brand new all-time high of $29,321. This bull run drove the price of the asset more than 7 percent during the last 24 hours. Same accounts for closer to 24.76 percent during the last week.
The Bitcoin halving leads to a shortage of new coins in the market, which created upward price pressure. When comparing to the 2017 bull run, this time reflects a huge upside of the price. Furthermore, many investors who invest in the asset are hodling in larger numbers. At the moment there is only 22% of the total supply available for traders even pushing the price causing FOMO among retail buyers.
The price of Bitcoin is almost up more than 531 percent since the crash during March. This bull run created many millionaires and even billionaires.
Dear Satoshi Nakamoto, wherever you are: we wish you a Happy & Prosperous New Year 2021!!
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