Bitcoin price hits $ 20,000 for the first time in history

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Bitcoin (BTC) price hit $ 20,000 for the first time in history on December 16. The historic milestone is just over two weeks after breaking its previous all-time high.

BTC / USD weekly chart. Source: trade view

At the same time, this rally is different from the 2017 one for several reasons that could help BTC rise even further. These include growing institutional demand, increasing investor perception that BTC is a store of value, and a stronger network foundation.

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Institutional demand is fueling the Bitcoin rally

In December 2017, data indicated that retail and mainstream investors were behind the Bitcoin rally. At that point, CME BTC futures had just been launched and there was a lack of institutional investment vehicles.

As a result, the rally was fueled mostly by retail investors, who abruptly stalled after a strong whale sell-off.