Bitcoin has broken its all-time high of 2017 after reaching US$19,920.53, hardly a week after taking a massive hit that wiped off $80 billion from the crypto-market cap.
According to Coinbase, the world’s largest digital currency has spiked above the 7% mark in the last 24 hours. This massive rally comes after a period of sustained growth since September 2020, when Bitcoin was swimming along loose shores between $10,000-$11,000.
CoinGecko’s data reveals the bitcoin’s total market cap is nearing US$ 370 billion, accounting for 61.4% of the entire crypto market cap.
Despite the Thanksgiving crash last week, Bitcoin has miraculously managed to bounce back. Easily passing its record high of 3 years, Bitcoin’s valuation has caused a rise in institutional demand of the currency with a low selling pressure.
