Bitcoin has seen a strong rally in the last 24 hours. The cryptocurrency is up 8% in the last 24 hours alone, from the $ 27,000 range to $ 28,500 now.

The leading cryptocurrency set a new all-time high above $ 28,500 just minutes ago, pushing towards $ 28,600 on the top exchanges. This was characterized by not much hype on Twitter, despite this being an all-time new record, possibly because this new high was only marginally above the previous one. Twitter also appears to be focused on an Ethereum-based DeFi app as opposed to the Bitcoin rally.

Related reading: This is why Ethereum’s DeFi market can be near a bottom

Bitcoin is exploding higher

This is because there is a continued interest from institutions in BTC.

Skybridge Capital today revealed that it has likely invested more than $ 180 million of capital in Bitcoin through its funds. The company recently launched a Bitcoin-focused fund to enable investment advisors to gain exposure to the leading cryptocurrency.

Raoul Pal thinks that reflexivity will take this market to an extremely volatile place.

Related reading: 3 Bitcoin On-Chain Trends Show A Macro Bull Market Is Brewing
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Bitcoin Hits New All-Time High Above $28,500

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