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Bitcoin passed the $24,000 mark on Saturday afternoon. The leading cryptomeda appears ready for new highs in December
The leading cryptomeda reached the $24,000 mark over the weekend, while it continues its rise. This is the third time Bitcoin (BTC) is setting a new all-time record (ATH) this month, after exceeding the $20,000 and $22,000 levels.
The price of Bitcoin continued its recent high, setting a new ATH after trading at $24,122.67 on Saturday. It quickly dropped to $23,978.86 and has been trading near the $24,000 mark since then.
The new record price level was reached after cryptomoeda surpassed $23,000 two days ago after a 12% increase. The most recent price increase means that Bitcoin’s percentage gains accumulated over the year increased by over 225%.
Some analysts such as Kenetic Capital CEO Jehan Chu believe that Bitcoin may be trading at $25,000 by the end of the year. According to Chu, large investments by institutional investors such as Guggenheim and Alan Howard justify the current price of Bitcoin.
BTC continues to be one of the most discussed topics on various media platforms. The dominant audience is paying attention to Bitcoin’s sustained boom, and this has not gone unnoticed in social media. Tweets on Bitcoin and other cryptomaps are close to a three-year high as record prices attract attention.
In addition to high volume tweeters about Bitcoin, the number of exclusive Twitter accounts talking about Bitcoin is also increasing. Approximately 50,000 users engaged in Bitcoin conversations on Wednesday, December 16th. This is the highest number of user engagement registered since December 2017.
Jefferies joins other institutional investors in Bitcoin
Bitcoin’s recent recovery has coincided with another institutional investor venturing into the cryptomaniac market. Business Standard reported that Christopher Wood, global head of equity strategy for investment firm Jefferies, reduced his exposure to gold in favour of BTC.
This is the first time Wood has made such a move in years and has reduced his gold investment from 50% to 45%. While the large investor remains optimistic about the yellow metal, he also intends to add more Bitcoin to the fund if the price of cryptomeda drops significantly.
Wood has been away from Bitcoin for years because of the uncertainty surrounding the legal structure of cryptomoeda. However, he is looking for a dramatic cyclical recovery after the Covid-19 pandemic and believes that Bitcoin is one of the assets to be considered.