Bitcoin has undergone a strong rally over the past 24 hours. The cryptocurrency is up 8% in the past 24 hours alone, pushing from the $27,000 range to $28,500 now.
The leading cryptocurrency set a new all-time high just a number of minutes ago above $28,500, pushing to $28,600 on top exchanges. This was marked by not much hype on Twitter despite this being a new all-time high, potentially because this new high was only marginally above the previous one. Also, Twitter seems to be focused on an Ethereum-based DeFi app as opposed to the Bitcoin rally.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
Bitcoin Explodes Higher
This comes as there has been a continued interest by institutions in BTC.
Skybridge Capital was revealed today to have likely invested over $180 million worth of capital into Bitcoin via its funds. The company recently launched a Bitcoin-focused fund to allow investment advisors to gain exposure to the leading cryptocurrency.
Raoul Pal thinks that reflexivity will take this market to an extremely volatile place.
We are at the stage where people I really respect – mean reversionists, value players and rationalists are urging caution in bitcoin.
— Raoul Pal (@RaoulGMI) December 30, 2020
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Hits New All-Time High Above $28,500