BTC has undergone a strong rally over the past few hours and finally broke through $30K for the first time in its ten year history. The king coin then surged past $31K and continued higher.
As of this article’s writing, BTCUSD is trading at $32,072 and has gained over 25% in the past week.
BTCUSD Chart By TradingView
The recent BTC rally has taken it from the $20K mark on Dec 15 to hit highs above $30K in just 17 days. The surge has continued full-steam in 2021, taking the flagship digital asset above a level that has long been a target looked upon by investors.
The historic BTC run has been primarily driven by institutional buying and many wall street players who have finally warmed up to crypto. Wall Street firms pumped $5.75 billion into the digital asset class in 2020, as per recent data from crypto inflows report from CoinShares Research.
Now that the bulls have finally broken above the $30K psychological barrier, there is a strong possibility that the move could open the gates for the world’s leading crypto to see a continuation of its parabolic uptrend.
The Main Bitcoin Bull Phase Is Here, Says Analyst
According to crypto analyst Willy Woo, the main BTC bull phase is here. The respected crypto analyst reached this conclusion after observing the capital inflows into the BTC market.
Technology analyst Kevin Rooke pointed to the Grayscale Investments BTC Trust (GBTC) as one of the leading institutions that is driving the ongoing BTC rally.
“Bad news for BTC bears. Grayscale’s Bitcoin Trust just added 12,319 BTC to $GBTC in a single day. That’s more than the 11,512 BTC they added during all of last week, when BTC broke its ATH,” Rooke tweeted.
Moreover, there is strong retail interest in the benchmark cryptocurrency as evidenced by the PayPal crypto volumes. According to Pantera Capital, a leading crypto-asset fund, Paypal is already acquiring more than 100% of bitcoins’ new supply. This strong demand dynamic should drive the king coin higher in the coming weeks and months.
DOGE Price Explodes Higher
Dogecoin (DOGE) is one of the best-performing crypto assets of the day after it shot up by 50%. This exponential rally came as over $700M worth of the altcoin was traded over the past day, according to data from CoinGecko.
At press time, DOGEUSD is changing trading at $0.00865, the coin’s highest price since the February 2018 rally.
DOGEUSD Chart By TradingView