The Bitcoin (BTC) price rose to $ 28,570.02 last Sunday, surpassing its all-time high, and took action again the day after the leading cryptocurrency fell to $ 25,875. It is currently trading at about $ 27,934.
It is thought that Bitcoin will reach the level of $ 30,000 in the last leg of the 2020 bull run.
Regarding the digital asset’s price increases, Jeremy Allaire from Circle explained the key factors for this bull run. In a recent interview, Allaire thinks Bitcoin is rising as the dollar continues to depreciate. He also believes that corporate capital is primarily behind price momentum. These investors include: Anthony Scaramucci’s Skybridge Capital ($ 25 million in December); MassMutual ($ 100 million in December); and the Guggenheim (up to 10% of the $ 5 billion macro fund).
Undoubtedly, institutional investment in Bitcoin has become the defining trend this year, which has fueled the crypto market. Bitcointreausuries suggested that more than 800,000 Bitcoins were held by public companies.
Nic Carter of Coinmetrics revealed that addresses with assets worth $ 10 or more in the Bitcoin ledger are above their late 2017 level. He argued that the Bitcoin supply is more dispersed to sizes “consistent with retail investors.”