According to the CNBC report, Bitcoin price smashed through $37,700 to hit a new record high on Thursday, helping to lift the entire cryptocurrency market’s total value above $1 trillion for the first time. The leading cryptocurrency hit another all-time high of $37,739.08 at around 1:44 p.m. Singapore time, just a few hours after blowing past $36,000. Bitcoin was over 5% from a day earlier. Bitcoin has maintained a positive rally for a while as the leading cryptocurrency continues to enjoy unprecedented success.
Bitcoin has surged over 380% over the past 12 months.
The original cryptocurrency is up about 29% since the start of 2021 and in the past 12 months has surged over 380%. Meanwhile, the value of the entire crypto market, which is made up of bitcoin and other cryptocurrencies like ether and tether, surpassed $1 trillion for the first time early on Thursday, according to data from Coinmarketcap. Bitcoin’s resurgence has been attributed to a number of factors, including more buying from large institutional investors. At the time of writing, the price of bitcoin is trading at just above $36,500.
Institutional investors show interest in bitcoin.
One of the main reasons for this mammoth rally of bitcoin is the growing institutional interest in the cryptocurrency. Bitcoin’s advance also reflects increasing expectations of it becoming a mainstream payment method, with PayPal opening its network to cryptocurrencies. High profile investors like Paul Tudor Jones, for example, have been buying bitcoin. Many bitcoin bulls say the cryptocurrency is akin to “digital gold,” a potential safe-haven asset and a hedge against inflation. As reported earlier, Dave Chapman, Executive Director at Hong Kong-based digital asset company BC Group, said that institutional investors see the potential for greater risk-adjusted returns compared to traditional investments.