Bitcoin has unexpectedly soared higher again, smashing through the $30,000 psychological barrier and taking the overall market cap of Bitcoin pasts $600 billion. On Sunday, the price of the most famous cryptocurrency in the world traded as high as $34,608, with almost all other markets closing over the first weekend of 2021.
Similar blockchain or electronic ledger systems used by many rival cryptocurrencies gained considerably. The second highest, Ethereum, gained 465 percent in 2020 and increased by almost 7 percent on Saturday. CNBC reported, investors said limited supply of Bitcoin produced by so-called “mining” computers that validate blocks of transactions by competing to solve mathematical puzzles – has helped power upward moves over recent days.
Marc Bernegger, bitcoin pioneer and member of the Board of Crypto Finance Group, said via email to Forbes “Compared to the past there are not mainly retail investors buying into digital assets but more and more institutional investors who look at bitcoin as a new and emerging asset class.”
Bitcoin advanced more than 300 percent in 2020, adding more than 50 percent with the newest leap higher after hitting $20,000 just two weeks ago. With the recent price rise cheered by the Bitcoin and cryptocurrency community, investors are still wondering how far the rally can run, and whether bitcoin will soon surpass Tesla, Facebook, Microsoft, Google and Apple, the six U.S. companies worth more than $600 billion.
— Fyggex (@fyggexchange) August 12, 2020