On Saturday, January 2, the price of the leading cryptocurrency rose to a new all-time high of $30,665 (Bitstamp).
Data: TradingView.
The price of Bitcoin surpassed the $29,000 mark on New Year\’s Eve.
2021 officially started! https://t.co/2cD4eHX7DL
— CZ Binance (@cz_binance) January 2, 2021
Bitcoin market capitalization of “digital gold” exceeded $570 billion, and the dominance index at the time of writing stood at 70.1% (according to CoinGecko).
The host of a popular Bitcoin podcast, Peter McCormack, wrote:
“$30,000 Bitcoin done, next!”
$30,000 #bitcoin done, next! https://t.co/uvXyO6bFOR
— Peter McCormack 👑 (@PeterMcCormack) January 2, 2021
Analysts attributed the autumn rally of the leading cryptocurrency to the entry of institutional investors into the market.
Co-founder and CEO of Blockstream Adam Back noted that the new highs above $25 000 Bitcoin hit during the Christmas weekend, when companies were closed. In his view, this demonstrated the role of retail investors in driving the price higher.
So $25k* on 25th, three new ATHs $24.7, $24.8 and $25k in a day. You think institutions did that? On Christmas day? Retail did it — only people near a keyboard.
(*$25k if you pick @bitstamp or @krakenfx tho not quite on @bitfinex) pic.twitter.com/6PmiEcdn7v
— Adam Back (@adam3us) December 26, 2020
The same view was voiced by Pantera Capital Dan Morehead and by Paolo Ardoino, CTO of Tether and Bitfinex Paolo Ardoino.
Earlier, famed trader Tone Vays predicted Bitcoin would rise to $350,000 this coming year. Co-founder and CEO Kraken Jesse Powell believes that the price will reach $1 million in the coming decade.
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