Bitcoin crossed the $ 24,000 mark on Saturday afternoon as the leading cryptocurrency appears to be poised for new all-time highs in December
The leading cryptocurrency hit the $ 24,000 mark over the weekend as it continued its rally. This marks the third time Bitcoin (BTC) has hit a new all-time high (ATH) this month, having previously surpassed the $ 20,000 and $ 22,000 levels.
Bitcoin’s price continued its recent uptrend, resuming a new ATH after trading at $ 24,122.67 on Saturday. It quickly fell to $ 23,978.86 and has since traded near the $ 24,000 mark.
The new record price level was hit after the cryptocurrency surged above $ 23,000 two days ago after rising 12%. The latest price hike means Bitcoin’s percentage gains have increased more than 225% since the start of the year.
Some analysts like Jehan Chu, CEO of Kenetic Capital, believe Bitcoin could trade at $ 25,000 by the end of the year. According to Chu, the huge investments made by institutional investors like Guggenheim and Alan Howard justify Bitcoin’s current price.
BTC remains one of the most discussed topics on various media platforms. Mainstream audiences are paying attention to Bitcoin’s ongoing rally, and it hasn’t gone unnoticed on social media. Tweets about Bitcoin and other cryptos are close to a three-year high as record prices attract attention.
In addition to high volume tweeters on Bitcoin, the number of unique Twitter accounts talking about Bitcoin is also increasing. Approximately 50,000 users took part in Bitcoin talks on Wednesday December 16. This is the highest user interaction recorded since December 2017.
Jefferies joins other institutional investors in Bitcoin
Bitcoin’s recent rally coincided with another institutional investor who ventured into the crypto market. Business Standard reported that Christopher Wood, global head of equity strategy at investment firm Jefferies, reduced its exposure to gold in favor of BTC.
This is the first time in years that Wood has taken such a step and reduced his gold investment from 50% to 45%. While the ace investor remains bullish on the yellow metal, he also intends to add more bitcoin to the fund if the price of the cryptocurrency drops significantly.
Wood had stayed away from Bitcoin for years because the legal framework for crypto was uncertain. However, he is aiming for a dramatic cyclical rebound from the Covid-19 pandemic and believes Bitcoin is one of the assets to consider.