Bitcoin extends dogmatic rally into a fourth straight day, spikes to record highs



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Bitcoin extends dogmatic rally into a fourth straight day, spikes to record highs

On Friday, the world’s most popular digital currency, Bitcoin, had extended its record-setting rally into a fourth straight session in a row, jumping more than 5 per cent to hit a fresh record high of $41,530, however, rounded off the day just a notch shy of 3 per cent higher to $40,665 following a late-afternoon selling wave.

In point of fact, Bitcoin, the world’s largest crypto asset with a market share of 69 per cent, opened up the day sharply lower after a raft of investors had warned of a sharp correction followed by a $40,000-milestone, while the digital asset which had rallied as much as 1,000 per cent since hitting a record low of $3,000 in March last year, plunged to as low as $36,618.36 on Bitstamp exchange earlier in the day.

Nonetheless, as the day progressed, Bitcoin began to tighten up its grip on a blistering buying-spree and bounced back as much as 5 per cent in midday US trading hours, however, had pared some of its gains late in the day and wrapped up the session 2.96 per cent higher, while Ethereum sharply clawed back to wind up the day 3 per cent higher after sliding as much as 10 per cent in morning Asia-Pacific trading hours.

Bitcoin registers 11th session of gains out of last 12

On top of that, the crypto asset which had doubled in market valuation in less than three weeks since breaching a landmark psychological resistance level of $20,000 on December, had secured its eleventh session of gains out of last twelve on Friday.

Bitcoin in tandem had topped a $30,000-level for the first time on history on January 2. Meanwhile, as a swathe of investors ranging from retail to corporate to financial institutions, had flocked Bitcoin and emboldened its upsurge in an era of ultra-low yields alongside negative interest rates, suggesting a persistent demand spike of the world’s largest digital asset, an analyst at digital asset manager CoinShares, Frank Spiteri said late in the day, “We are seeing a continued demand spike driven largely by sustained and unprecedented institutional interest, showing no sign of abating as we move into 2021”.