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