Bitcoin’s price seems to be showing no signs of stopping any time soon. After having breached one resistance level after another over the past few weeks, Bitcoin today breached another, the $35,000-mark, attaining a new ATH in the process. Bitcoin’s latest price surge came on the back of an 8.9% surge over 12 hours.
It should be noted, however, that after going past the $33k price range on 2 January, Bitcoin’s market saw a sell-off that later pushed the cryptocurrency’s price all the way down to $30,650. Since then, however, the price has managed to climb back up on the charts, with BTC now claiming a position above $35k.
At press time, Bitcoin was being traded at $35,419 and had a market capitalization of $650 billion. Over the last 365 days, BTC was observed to have grown by 374%, a period that also saw the cryptocurrency fall to $4,000 on the charts.
The phenomenal increase in BTC’s price has been driven by institutional investors who now account for a huge portion of Bitcoin’s hodlers over the past year.
The most recent additions to this growing list include Skybridge Capital, with investments of $25 million in December 2020, and MassMutual, with investments of $100 million in Bitcoin, in the same month.
As expected, the institutions that took huge positions in the crypto-asset earlier in the year have already recorded significant returns on their investments. Most notably, Microstrategy recorded gains upwards of $1 billion on its Bitcoin investment.
As popular Bitcoin proponent Anthony Pompliano was quick to note,
“There is just not enough Bitcoin available for all the institutions that want to own some now.”
According to Pompliano, the price has to continue to move upwards in order to accommodate everyone who wants to own the crypto-asset.