Bitcoin has impressively surged to a new record high of $63,500 this morning following a two-month period of consolidation beneath the $60,000 level of resistance.
The world’s largest cryptocurrency has enjoyed a sensational 12-months of price action, rising from lows of $4,000 in 2020 before eventually breaking its prior all-time high of $20,000 in December.
In contrast to 2017, Bitcoin has attracted investment from major companies like Tesla, while in 2017 the bull market was driven by retail investment amid the ICO bubble.
Paolo Ardoino, Bitfinex CTO believes the rally is “partly fueled by institutional buyers of the new digital gold.”
Maybe most of people actually won't do it, but what matters is the feeling you have that option. And no one can take it from you. It's freedom. #bitcoin https://t.co/RNKiNIycpU
— Paolo Ardoino (@paoloardoino) April 11, 2021
He continued: “This momentum may continue as increasing numbers of funds and corporations add bitcoin to their investment portfolios.
“An ongoing pandemic may also be furthering a safe haven narrative for bitcoin, particularly in emerging markets where bitcoin is gaining traction.
“While this particular all-time high will make headlines, daily price movements are of little consequence in comparison to the quiet revolution that is blockchain technology. More and more are seeing the benefits of being a bitcoin hodler.”
Institutional attention on Bitcoin has skyrocketed this week in light of Coinbase’s upcoming listing on Nasdaq, with an estimated valuation standing at $120 billion.
For more news, guides and cryptocurrency analysis, click here.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.