Bitcoin’s record-breaking start to the new year continued on January 5 after the top crypto hit another new all-time record (ATH) of $ 35,879. Based on this new milestone, the top cryptocurrency is now up more than 20% in the first of five days of the new year.
Record-breaking start to 2021
Interestingly, less than 48 hours after the digital asset briefly crashed, the new ATH comes to just under $ 30,000 in Monday morning trades. However, since another rebound has been achieved, volumes of the digital asset traded have also skyrocketed over the past 24 hours. data shows volumes surpassed $ 23 billion, while market capitalization now exceeds $ 635 billion. Nonetheless, at the time of writing, the top crypto has fallen to $ 34,850 per unit.
Meanwhile, after the latest record performance, some bitcoiners believe the digital asset may well beat its own 2020 run. After the start of the year, valued at $ 7,334 according to markets.Bitcoin.com, the leading crypto ended that year with a price that was 200% higher. Some experts write it BTC implementation, which began after the infamous The crash of March 12, mainly due to the increasing interest from institutional investors.
Institutional Investor Interests
Since the beginning of the fourth quarter of 2020, many institutional investors and billionaires have acquired or underwritten BTC as a viable alternative store of value. For example, bitcointreasuries.org, a site that tracks public companies that own or have been exposed to the digital asset, estimates that there are now 29 such companies. This interest has played an important role in driving up the price since early October 2020. Additionally, Glassnode reports that bitcoin’s (BTC) MVRV Z-Score has seen a sharp rise to values above 5. The MVRV Z-Score uses blockchain analysis to map periods in which bitcoin (BTC) is hugely over- or undervalued relative to the ‘fair value’ price.
“It is now at the level of the main bull market of 2017,” Glassnode said. Note that in 2017 BTC made another 10x over the course of 6 months, ”the researchers added.
In addition to growing interest from institutional investors, Paypal and Square’s decision to buy and sell bitcoin to their clients also increased demand for the digital asset. According to some reports, the customers of the two companies alone account for all 900 BTC that is mined every day.
Still, many analysts predict one BTC price of $ 50,000 by the end of 2021, there is an expectation that the price will continue to rise.
Do you think BTC will reach $ 50,000 by the end of 2021 or earlier? You can share your thoughts in the comments below.
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