United States, Dec. 17, 2020 /AlexaBlockchain/ – Bitcoin (BTC) today hit a new high today above US$23,000 for the first time in history after reaching US$20,000 on Wednesday. Analysts have pointed to recent increased demand from institutional investors for the digital currency behind the exponential growth being exhibited by the largest cryptocurrency by market cap.
Bitcoin price today is US$23,121.05 with a 24-hour trading volume of US$66,790,983,768 USD. Bitcoin is up 16.57% in the last 24 hours with current market cap of $429,437,148,415.
The world’s largest digital currency is now up 220 per cent this year. As momentum builds, analysts predict more gains ahead.
Ravi Kumar, Market Analyst at AlexaBlockchain, last month said: Cryptocurrency market has become more credible now and I anticipate a big all time highs in the next 2-3 months.”
Ravi Kumar today commented on the quick surge in Bitcoin price:
Crypto community was long waiting for Bitcoin price to achieve $20,000 mark. As Bitcoin reached $23,000 within 24 hours of hitting $20,000, it clearly shows that strong FOMO is driving more number of retail investors to buy on premium. Although, it is just the beginning. Bitcoin price may touch $35,000 sooner than expected before stabilizing again around $20,000.
Look at the Web search data on Google trends for the worldwide search query “bitcoin price” which suggests that popular interest in bitcoin has suddenly started growing.
Google trends is currently returning a value in the range of 75-100 for the worldwide search query “bitcoin price”. This clearly suggest that retail investors are showing huge interest over bitcoin’s price rally and the market is clearly more in a state of bull frenzy.