All time high, BTC, Cryptocurrency, Digital Asset, institutional investors, March 12, Market Capitalization, Paypal, Square, store of value

Bitcoin’s record-breaking start to the new year continued on January 5 after the top crypto set another new all-time high (ATH) of $35,879. Based on this new milestone, the top cryptocurrency has now surged by more than 20% in just the first of five days of the new year.

Record-Breaking Start to 2021

Interestingly, the new ATH comes less than 48 hours after the digital asset briefly crashed to just under $30,000 in Monday morning trades. However, since staging another recovery, the digital asset’s traded volumes have also surged in the past 24 hours. Data shows that volumes surpassed $23 billion while the market capitalization now exceeds $635 billion. Nevertheless, at the time of writing, the top crypto has retreated to $34,850 per unit.

All time high, BTC, Cryptocurrency, Digital Asset, institutional investors, March 12, Market Capitalization, Paypal, Square, store of value

Meanwhile, after the latest record-breaking performance, some bitcoiners believe the digital asset may well beat its own 2020 run. After starting the year valued at $7,334 according to markets.Bitcoin.com, the leading crypto went on to finish that year with a price 200% higher. Some experts attribute the BTC performance, which began after the infamous March 12 crash, to mainly the rising interest by institutional investors.

Institutional Investor Interest

Since the start of Q4 of 2020, many institutional investors and billionaires have acquired or endorsed BTC as a viable alternate store of value. For instance, bitcointreasuries.org, a site which tracks publicly owned companies that hold or have exposure to the digital asset, estimates that there are now 29 such companies. This interest has been instrumental in pushing up the price since the start of October 2020. Moreover, Glassnode reports that bitcoin’s (BTC) MVRV Z-Score has seen a sharp increase to values above 5. The MVRV Z-Score leverages blockchain analysis to chart periods where bitcoin (BTC) is massively over or undervalued relative to its ‘fair value’ price.

“It is now at the levels 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 the rising institutional investor interest, the decision by Paypal and Square to allow their customers to buy and sell bitcoin also increased the demand for the digital asset. According to some reports, clients of the two companies alone now account for all the 900 BTC that is mined every day.

Still, with many analysts predicting a BTC price of $50,000 by end of 2021, there is an expectation that the price will continue surging.

Do you think BTC will reach $50,000 by the end of 2021 or earlier? You can share your thoughts in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

RELATED NEWS

Grayscale Adds 174,000 LTC to Its Litecoin Holdings- Price of the Altcoin Unresponsive

According to reports, Grayscale added 174,000 tokens to its litecoin holdings in the past month. This haul pushed its total holdings of the altcoin to 1.44 million. Following this acquisition, which represents 80% of all litecoin that were mined in the past month, the total value of Grayscale’s holdings of the altcoin is now just […]

Xem chi tiết: Grayscale Adds 174,000 LTC to Its Litecoin Holdings- Price of the Altcoin Unresponsive

Bitcoin to Reach $100K to $288K in 2021? Stock-to-Flow Models Suggest It Could

The creator of the notorious stock-to-flow model (S2F), Plan B has recently detailed that the price of bitcoin has surpassed the S2F model price by 26%. The strong momentum has a number of crypto enthusiasts thinking that bitcoin prices reaching the $100k to $288k range by the year’s end is possible. Price of Bitcoin 26% […]

Xem chi tiết: Bitcoin to Reach $100K to $288K in 2021? Stock-to-Flow Models Suggest It Could

BTC Branded ‘the Most Portable Asset’ as 420k Bitcoins Used as Collateral in Q4 of 2020

According to the findings of a joint Arcane Research and Bistamp study, bitcoin’s unique characteristics, which include it being “the most portable assetâ€, are the likely contributing factors behind the increasing use of the crypto as a collateral asset. Bitcoin Unmatched This is evidenced by the study’s data which shows that approximately “420,000 bitcoins were […]

Xem chi tiết: BTC Branded ‘the Most Portable Asset’ as 420k Bitcoins Used as Collateral in Q4 of 2020

An Iranian Think Tank Recommends the Use of Cryptocurrencies to Circumvent Sanctions

A think tank affiliated with the Iranian Presidency has unveiled a study report that encourages the use of cryptocurrencies in circumventing sanctions against the country. In addition, the report also claims the government could potentially “generate US$2 million a day and $700 million a year in direct revenue from cryptocurrencies.†Employment Opportunities Meanwhile, as reported […]

Xem chi tiết: An Iranian Think Tank Recommends the Use of Cryptocurrencies to Circumvent Sanctions

The Largest US Options Exchange Cboe Applies to List Vaneck’s Bitcoin ETF

The Chicago Board Options Exchange (Cboe) has applied to list the Vaneck Bitcoin Trust, as an exchange-traded fund (ETF) if the fund is approved by the U.S. Securities and Exchange Commission (SEC). The filing Form 19b-4, if approved by financial regulators, would allow Cboe to “list and trade shares of the Vaneck Bitcoin Trust.†Cboe […]

Xem chi tiết: The Largest US Options Exchange Cboe Applies to List Vaneck’s Bitcoin ETF

20 Bitcoin Block Rewards from 2010 Moved Today, Mystery Miner Spent $400 Million in BTC Since Black Thursday

On Saturday, February 27, 2021, news.Bitcoin.com reported on the great number of 2010 and 2011 block rewards being spent this year. In that report, it was said that the mysterious whale entity we’ve been hunting “did not move a major string of bitcoin’s†since January 25. Following the publishing of that study, on Sunday, the […]

Xem chi tiết: 20 Bitcoin Block Rewards from 2010 Moved Today, Mystery Miner Spent $400 Million in BTC Since Black Thursday

BTC Balance Sheets: 42 Companies Hold 1.3 Million Bitcoin Worth More Than $65 Billion

Since the company Microstrategy shifted a lot of its treasury reserves into bitcoin, a great number of companies have followed the firm’s lead. According to the web portal, bitcointreasuries.org, data shows that 42 companies are now represented on the list and the businesses hold more than $65 billion worth of bitcoin. The Corporate Bitcoin Stash- […]

Xem chi tiết: BTC Balance Sheets: 42 Companies Hold 1.3 Million Bitcoin Worth More Than $65 Billion

Hyperbitcoinization’s Small Minority: Economist Says Bitcoin’s Growing Success Will Lead to Perverse Consequences

Last Sunday, the price of bitcoin touched an all-time price high at $58,354 per unit and surpassed a $1 trillion market capitalization. Bitcoin’s value has dipped since then, but the decentralized crypto asset’s market still captures a large $900 billion valuation. On February 26, the director of the Economic and Social Research Council (ESRC) warned […]

Xem chi tiết: Hyperbitcoinization’s Small Minority: Economist Says Bitcoin’s Growing Success Will Lead to Perverse Consequences

Online Retail Giant Rakuten Allows People to Load Payment App With Cryptocurrencies

Shark Tank’s Kevin O’Leary Reverses Stance on Bitcoin, Says Crypto Is Here to Stay, Invests 3% of His Portfolio

Bearish Outlook as Bitcoin’s Seven-Day Average Sinks 25%, ADA Shines During the Storm

20 Bitcoin Block Rewards from 2010 Moved Today, Mystery Miner Spent $400 Million in BTC Since Black Thursday

Coinbase Files for IPO via Direct Listing on Nasdaq — Valuation Soars Above $100 Billion

Crypto Users Claim Popular Bitcoin Paper Wallet Generator Is Compromised, Millions Allegedly Stolen

The $282 Million Awakenings: 120 Bitcoin Block Rewards from 2010 and 2011 Woke Up This Year

Arca to Join the Bitcoin Trust Race Competing Against Numerous Crypto Fund Rivals