The price rally of Bitcoin has been going at an exponentially rapid pace. As a result, Bitcoin has successfully managed to reach another all-time high as of 8th January 2021, Friday by breaking through the $41,000 mark for the very 1st time ever.
Due to this swift rally upwards, several investors are now increasingly thinking that BTC might be a sort of inflation hedge.
Bitcoin Breaking Records At A Swift Pace
At present, Bitcoin is undoubtedly the leading cryptocurrency as it is traded at a $41,973 high, as reported by Coin Metrics. Since reaching that level, BTC price has certainly declined below the mark of $41,000. On the other hand, it was still trading at almost a 4% spike on Friday when it was at the $40,590 mark earlier during the day.
In the preceding year of 2020, Bitcoin had certainly extended their rally and skyrocketed more than 300% as it ushered the new year of 2021. As of now, the most highly valued cryptocurrency has surged approximately 40% since the beginning of 2021. It is moving at an accurate pace to reach their 2nd best week since reaching a peak during the 2017 December.
The hasty bull run of the cryptocurrency has recently attracted interest from the institutional investors that perceive BTC as a safe haven which is similar to gold. The strategists of JPMorgan have lately stated that BTC might be able to tough, $146,000 during the long-term. In case, BTC hits that mark, it can easily compete against gold to become the ‘alternative’ currency.
Retail investors are definitely showing interest and increasing the demand for BTC.
