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.
We’re at the stage where people I truly respect – mean reversionists, value players, and rationalists are pushing for caution with bitcoin.
– Raoul Pal (@RaoulGMI) December 30, 2020
Related reading: 3 Bitcoin On-Chain Trends Show A Macro Bull Market Is Brewing
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Hits New All-Time High Above $28,500