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After hitting $25,000 on Dec. 25 and $26,000 on Dec. 26, quite naturally the price of bitcoin (BTC) soared past $27,000 early on Dec. 27 as the leading cryptocurrency’s recent meteoric rise continues.
- Recently, BTC has been leaving a string of broken records in its wake after passing the psychologically key $20,000 mark for the first time ever on Dec. 16.
- In the last several days BTC seems to found yet another gear, breaking through $25,000 Friday night for the first time, and going through $26,000 Saturday afternoon like a hot poker through one-ply tissue.
- Roughly half a day later, BTC surged to a new all-time high of $27,666.17 early Sunday morning, before settling down to $27,519.52 at this writing, up 11.04% in the last 24 hours.
- Year-to-date BTC is up more than 270%.
- Institutional investors are perceived to be driving this record-setting run. Among them: Anthony Scaramucci’s Skybridge Capital ($25 million in December); MassMutual ($100 million in December); and Guggenheim (up to 10% of its $5 billion macro fund).
- With the end of the year looming, some fund managers may also be buying BTC to be able to brag next year they'd been smart enough to get in in 2020 while neglecting to say at which price they had done so.
- In addition, the U.S. Federal Reserve, along with other central banks, has been printing money with abandon trying to stave off the worst economic effects of the pandemic while U.S. President Donald Trump has been pushing Congress to pass an even bigger relief package to allow for larger stimulus checks.
- These actions are viewed by many as potential catalysts for inflation and bad for the U.S. dollar, both of which could be positive for BTC.
- While with the tremendous rise in BTC it'd be easy to think we're going to see $28,000 on Dec. 28, $29,000 on Dec. 29 and so on, it's good to keep in mind that this surge is taking place over a holiday weekend on thin volume. Monday could well bring a different narrative.
- Still, there are those who think BTC is just getting started. Scaramucci has said he believes BTC is in the "early innings" and Saturday afternoon, crypto venture capitalist/bitcoin evangelist Tim Draper tweeted that the price of the leading cryptocurrency could rise ten-fold by the end of 2022.
