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Bitcoin Price Passes $34,000 in Institutional Rally

Bitcoin Price Chart 2020-01-03
  • 2021 starts off strong as Bitcoin passes $34,000 in value.
  • The cryptocurrency’s price trajectory starts the new year on an extreme upwards trend.
  • The price rally over the last several months has been strong and fast, with 24h trading volume nearing $80B.

Bitcoin’s price has passed $34,000 over the weekend with an incredible rally of nearly +25% this week. Over the last 24 hours the cryptocurrency has been bouncing between $32,000 and $34,500. Bitcoin’s fast-paced rally since the price dip in March 2020 seems to show no signs of slowing down.

Institutional Investors Bullish

Much of the recent price rally has been fueled by bullish institutional investors as well as retail investors making purchases through platforms with simplified on-ramps such as PayPal and RobinHood.

24-hour trading volume nears $80B as new investors pile into the Bitcoin ecosystem. Publicly traded business intelligence firm MicroStrategy has been blazing the trail as they set the example for institutional players. MicroStrategy added more than 70,000 Bitcoin to their treasury reserves in 2020, and their CEO Michael Saylor is bullish on the asset’s long-term future.

Many analysts have been showing increasingly bullish sentiments about the future of the leading cryptocurrency. Bitcoin advocates point to the influx of new institutional and retail capital as they predict even greater price values for 2021. Demand for Bitcoin has far exceeded the current inflow with no signs of stopping. The math is simple: there’s just not enough coin supply to keep up with current demand. Many prominent figures are predicting prices will trend well into the 6-figures before the end of the year.

The Stable Store of Value

As the Federal Reserve and other central banks around the globe continue to inject new money into national economies, it’s clear that smart money is looking for a store of value that won’t inflate.

Where do you think Bitcoin is headed in 2021? Leave a comment below to chime in.

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Chart provided by coinmarketcap

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