Bitcoin, the world’s largest cryptocurrency, finally crossed the price range of $25,000 for the first time in its history today on exchanges such as Coinbase and Bitstamp after days of consolidating its position above the $20,000-mark. Although BTC did fall below the stage shortly after, many expect BTC to rise back up again again.
The leading cryptocurrency price resumed its latest torrid run, hitting a new all-time high of $25,005.53, up 6.28 percent on the day, before slipping down to $24,971.23. BTC is up more than 240% year-to-date.
In order to add a level of legitimacy to Bitcoin, the injection of smart money played a significant part, something that was unheard of in 2017. BTC support against the fiat dollar has recently been unprecedented.
Indeed, respected traders such as Paul Tudor Jones have vocally appreciated the growth of Bitcoin in the current economic landscape, one that is laden with a level of uncertainty somewhat close to that seen in 2008. It is considered that institutional investors are behind this record-setting run. Among them: Skybridge Capital from Anthony Scaramucci; MassMutual ($100 million in December); and Guggenheim (up to 10% of the $5 billion macro fund).A lot has improved in 2020 and a new generation of adopters will be accepted by the digital asset market in the future. Although BTC is not guaranteed, Bitcoin is expected to prevent a fall close to the one seen in 2017. In the near-term, Bitcoin, ergo, may continue to trade around its current levels.