Bitcoin surpasses $ 34.000 for the first time, less than 24 hours after exceeding $ 30.000

Bitcoin surpasses $ 34.000 for the first time, less than 24 hours after surpassing $ 30.000 - Bitcoin 1024x576Another day, another $ 1.000 increase in the price of bitcoin. The price of the leading cryptocurrency climbed above $ 34.000 for the first time early Sunday morning ET, prolonging a record-breaking bull run. Anyone who wants, can trade BTC with Bitcoin Revolution.

The bulls have taken over the reins of the Bitcoin market

Bitcoin appears to have abandoned any resistance after crossing the $ 30.000 price threshold. The cryptocurrency seemed to hover steadily between $ 30.000 and $ 33.000 before making a new, unprecedented surge.

Bitcoin resumed its rise on Saturday evening, setting a new all-time high of $ 34.544,94. It is confirmed to be a fiery start to 2021 following a year of historic significance in which cryptocurrency has risen by more than 300%.

On the third day of 2021, the price of bitcoin rose by about $ 5.000, bringing its year-to-date growth to around 12%. The bulls have taken over the reins of the market and there are no signs that this trend will stop in the short term.

Institutional FOMO

According to data source CryptoQuant, institution-centric exchange Coinbase Pro has seen an outflow of over 35.000 bitcoins worth over $ 1 billion. This all happened just a day after another 12.063 coins left the exchange and would be the manifestation of an institutional FOMO (Fear Of Missing Out), according to Ki Young Ju, CEO of Korea-based blockchain analytics firm CryptoQuant.

Massive Coinbase Pro leaks usually end up in Coinbase's cold wallets for safekeeping, which are directly integrated with the exchange's over-the-counter (OTC) counter. Institutions typically engage in over-the-counter transactions to avoid influencing the spot market price.

Bitcoin's rally from October lows of around $ 10.000 was fueled primarily by institutional demand. Although Ju's claim that institutions are now buying because of FOMO, there is evidence that persistent demand from big players is creating supply squeeze, favoring continued price hikes. For example, at least 47.000 bitcoins left Coinbase Pro in the first two days of the year, while miners minted just over 1.700 bitcoins.

Bitcoin competes with most companies on the stock exchange by capitalization

With a current market value of over $ 638,00 billion, bitcoin is more valuable than all but nine publicly traded companies, listed among Alibaba (BABA) at $ 648,3 billion and Berkshire Hathaway at 543,7. , $ XNUMX billion.

Bitcoin enthusiasts will likely have felt some joy seeing the cryptocurrency outperform Berkshire Hathaway, after the company's CEO, legendary investor Warren Buffett, publicly mocked bitcoin in the past, calling it "probably rat poison. squared ".

With the latest surge, the cryptocurrency has resumed marching in the ranks of the most precious currencies in the world, again surpassing the Mexican peso to move to 16th place, behind the Russian ruble.