In what has been viewed as a blowout rally for the original cryptocurrency, Bitcoin, the digital asset had shattered past a $20,000-barrier for first time in the history on Wednesday, as a sharp increase in institutional and corporate interests towards a barrage of digital coins amid prospects of mass-scale adoptions of digital assets had helped Bitcoin hit an all-time peak of $20,800 on record.
On top of that, Bitcoin, which had gained over 170 per cent this year amid a rapidly softening US Dollar, had wrapped up the session 6.4 per cent higher to $20,675 after climbing to a record trough of $20,800 earlier in the day.
In point of fact, the latest-leg of Bitcoin-buying bonanza appeared to be largely prodded by a hike in demand from deep-pocket investors over possibilities of a quicker gain, while a tepid inflation alongside the likelihoods of a mass-adoption of digital currencies in the mainstream fiscal systems, added to further bullish wings.
Apart from a hypnotic rally of Bitcoin on Wednesday, other smaller crypto assets had registered robust gains with Ethereum and Ripple rising as much as 5.4 per cent and 8.1 per cent respectively.
Bitcoin smashes $20,000 barricade, nears $22,000
In tandem, followed by Wednesday’s blistering rally of Bitcoin alongside other digital coins, data from a number of Bitcoin brokerage firms had revealed that there had been a massive inflow of fresh capitals from Northern America and Eastern Asia in the cryptocurrency market on Wednesday, while a British fund manager Ruffer Investment Management overseeing more than £20.3 billion worth of assets, had pumped in as many as £550 million in crypto assets, the company said in a statement.
Meanwhile, addressing to a barrage of upbeat media headlines for crypto assets over the recent weeks, a co-founder and partner at trading firm JST Capital, Scott Freeman said late in the day, “Many of our clients have been expecting bitcoin to surpass its all-time high of $20,000 given the recent news from major institutional players like SGX and MassMutual openly endorsing bitcoin.
While this is a major milestone for this nascent asset class, as retail, institutional, and blue-chip investors alike allocate more capital to this space, it would not be surprising to see other coins follow in BTC’s footsteps and for this upward trajectory to be sustained into 2021”.
Citing statistics, during preparation of the report, GMT. 23.55, December the 16th, Bitcoin jumped as much as 2.72 per cent to another record peak of $21,800, while Ethereum and Ripple soared 3.22 per cent to $648.3 and 9.71 per cent to $0.57 respectively.