Bitcoin Hits US$25,000, Reaching All-time High on Mainstream Adoption
Bitcoin’s price hit $25,000 while it was still December 25 in the U.S., it was actually December 26 when the Asian bulls set a new historical record for the leading cryptocurrency.
The recent rally is supported as mainstream adoption of Bitcoin increased this year amid the ongoing pandemic.
Meanwhile, the uptrend occurred early in the middle of a hectic trading day in Asian market.
Market traders noted that the crypto Bitcoin started the day with a brief correction in the middle of a bullish trend.
The price of Bitcoin retraced a little after reaching $25,000 for the first time.
As of this writing, Bitcoin was trading at $24,789—which is still a great Christmas present for hodlers and enthusiasts after a year full of crazy and difficult events.
Many believe that the current Bull Run appears to be different than the one experienced in 2017.
The pace looks much healthier and more stable. The massive institutional investments and broader adoption by a larger public seem to be part of the fundamentals behind this Bull Run.
The recent trend shows that after an eventful year, Bitcoin continues to maintain a positive rally.
Bitcoin reached its all-time high on Christmas Eve this year as the price broke above the $25,000 mark for the first time.
Several factors boosted the price of the leading cryptocurrency to all-time highs.
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The institutional investment into the leading cryptocurrency has played a significant role in the recent Bitcoin rally.
Microstrategy bought worth $1 billion Bitcoin this year. Meanwhile, several billionaires and big institutions have shown interest in Bitcoin.
Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, expects the total cryptocurrency market capitalization to soon break its all-time high of around $780 billion. He said:
“The total #crypto market capitalization is looking extremely bullish as it has been testing the all-time high region. Levels to watch are $550 and $450 billion.
“Any of these regions are buy dip opportunities. If these holds, next run will bring the market above ATH.”
Bitcoin Hits US$25,000, Reaching all-time High on Mainstream Adoption
