Bitcoin value hits highest level of history
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Bitcoin has once again broken its past record from November, with Coin Metrics reporting a massive 5.6 percent rally in the digital currency market. According to the live Coindesk dashboard, bitcoin has now hit a new high of $23,770, with a $2.83 billion transaction index and return-filing YTD rising above 217%.
Since October, major Wall Street firms like S&P Global and Cboe Global Markets have rallied behind the Bitcoin bandwagon, pushing the cryptocurrency past the $20,000 mark for the first time. ------------------------------
Bitcoin surged past the $22,000 mark to an intraday high of $23,774, with digital institutions trading at an increment of 16% percent. In the last two months, cryptocurrencies have garnered attention with companies and investors opting to integrate their finances with trending digital currencies.
[image: Bitcoin All Time High | ProPakistani]
Notable analysts suggest that it is highly likely that the digital currency has grown because of mogul investors like Paul Tudor Jones and Stanley Druckenmiller who had moved their tangible assets into the crypto-market. Concurrently, tech firms like Square and MicroStrategy had converted their liability assets to buy Bitcoin.
Charles Hayter, the CEO of the digital market data provider CryptoCompare, told CNBC, “This is the domino effect as asset managers tumble their portfolios into Bitcoin”.
Bitcoin’s latest surge has somewhat nudged active market watchers to remember its 2017 rally that had almost peaked at $20,000 although a nail-biting pullback the following year dropped it close to $3,000.
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