According to the data from Tradingview and Coinbase, the price of the leading cryptocurrency bitcoin reached a new all-time high above $19,892 on December 1 after three long years. Despite the Thanksgiving crash last week, Bitcoin’s price managed to rebound throughout the weekend. Bitcoin then easily passed the $19,000 mark on Monday to reach its all-time high, albeit on a couple of exchanges. Bitcoin has made a massive turnaround this year after it plummeted below $4,000 back in March and now reaching an all-time high.
Demand for Bitcoin from institutions has been rapidly increasing.
Most on-chain data points clearly suggest that the demand for Bitcoin from institutions has been rapidly increasing. Last month, Grayscale recorded all-time high net inflows, and the CME Bitcoin futures market saw its open interest climb near $1 billion. Grayscale noted that more institutions invested in cryptocurrencies during the third quarter of 2020 than ever before. There are several factors for bitcoin’s recent upward movement. JPMorgan Chase said in a note that Bitcoin’s recovery from the March crash showed it had staying power. The recognition of Bitcoin’s resilience by America’s largest investment bank likely acted as a major confidence boost, especially for institutional investors.
Bitcoin continues to hover around $18,500.
At the time of writing, the price of the leading cryptocurrency bitcoin is hovering around $18,500. As bitcoin reached its all-time high, the U.S. Dollar Index fell sharply today, extending a 10-month losing streak that places it at the lowest point since April 2018. The international news agency Reuters marked the occasion with a historical headline: “Dollar plummets on U.S. stimulus hopes; Bitcoin hits an all-time peak.” CEO of ShapeShift and long-time Bitcoin advocate Erik Voorhees tweeted, “Looks like a headline from 2024.” He added, “but I guess we should assume it won’t be one headline, but many over the coming years.”
Looks like a headline from 2024… but I guess we should assume it won't be one headline, but many over the coming years.
— Erik Voorhees (@ErikVoorhees) December 1, 2020