Bitcoin ended the best week of its history, adding almost $ 5K (or about 27%).
On Wednesday, December 16, the first cryptocurrency crossed the $ 20,000 mark for the first time, and then in just a day, the quotes rose above $ 23,000. On Saturday, Bitcoin broke the $ 24,000 level, setting a new all-time high above $ 24,100.
Over the past seven days, rates of all leading cryptocurrencies have shown double-digit growth in percentage. Litecoin (LTC) became the record holder, having risen in price by 1.5 times.
According to the Skew service, Bitcoin options trading volume exceeded $ 1 billion for the first time amid a rally. The volume of trading in futures for the session on December 17 reached a record high of $ 86 billion, writes forklog.
Institutional investment in Bitcoin is on the rise. Last week, British investment firm Ruffer Investment, a £ 20.3 billion (~ $ 27.3 billion) asset manager, confirmed that it has become the owner of the first cryptocurrency worth over $ 740 million.
“Hedge fund One River Digital Asset Management bought $ 600 million worth of bitcoins for another $ 16K without informing the public. In addition, in 2021 they plan to increase the volume of crypto assets to $ 1 billion, ”the FxPro team of analysts notes.
After Bitcoin’s rise to $ 24,000, analysts set the following targets in the center of the $ 30,000 – 40,000 range, ttrcoin writes.
Guy Hirsch, Managing Director of the eToro US platform, said that the activity of participants in the options market suggests the possibility of Bitcoin’s rise to $ 36,000.
Bestselling Rich Dad Poor Dad author Robert Kiyosaki predicted BTC to rise to $ 50,000 amid an influx of money from institutional investors.
Scott Minerd, investment director of Guggenheim Partners, predicted the rate of the first cryptocurrency at around $ 400,000.
Insider’s co-founder, businessman Henry Blodget, did not rule out Bitcoin’s rise to $ 1 million.
- What is cryptocurrency? Everything a beginner needs to know about coins in one book. Read for free
Market forecasts, analytics and stock news