Bitcoin price takes a crack at $33k

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TL;DR Breakdown Bitcoin set to mark 12th birthday with all-time high price The coin moved from 30k to 33k within seven hours  In less than 24 hours, it would have been 12 years after the first Bitcoin was mined. Since then, the coin has grown from being worth a few hundred dollars to a value … Read more

TL;DR Breakdown

  • Bitcoin set to mark 12th birthday with all-time high price
  • The coin moved from 30k to 33k within seven hours 

In less than 24 hours, it would have been 12 years after the first Bitcoin was mined. Since then, the coin has grown from being worth a few hundred dollars to a value of over $30k.

Earlier today, Bitcoin was able to successfully  negotiate the $30k mark that many crypto enthusiasts had envisaged for it as of last year. Seven hours after breaking the threshold, the coin is now worth a massive $33k.

The market capitalization of the asset has also grown to well over $600 billion and it has kept drawing positive remarks and adulation of the crypto community. 

Also earlier today, some shorters on BitMEX were left counting their losses after they had gone short on what the value of the coin could be. According to available data, they lost close to $10 million.

However, crypto analysts like Scott Melker says the current rise of the coin is proof that the new institutional investors in the coin are in for the long haul.  While the Head of Research at TradeBlock, John Todaro has predicted that the price of the coin could get to $50k before FOMO sets in.

There appears to be no stopping for Bitcoin bull run

The bull run of the leading crypto asset appears to be no stopping anytime soon. The asset, as of last year, grew by over 300% with its price languishing around $6000 as of March, 2020 before rising to as high as over $27k by the end of the year.

In an earlier report, Bloomberg analysts had tied this run to the entrance of institutional investors who were now investing in the coin. Institutions like Grayscale, Microstrategy and a host of others hold a very large number of the coin.

The institutions also appear to be in the crypto space for the long haul as Micheal Saylor, CEO of Microstrategy, has always reiterated that the digital asset is an integral part of his company’s holding.

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