The price of Bitcoin (BTC) rises to a new all-time high of $ 29

The price of Bitcoin (BTC) rises to a new all-time high of $ 29 - Bitcoin PriceThe price of the major cryptocurrency continues to have a historic year and broke through the $ 29.000 resistance level a few hours ago. The Bitcoin bulls broke the $ 28.500 resistance level, allowing the world's leading cryptocurrency to trade above $ 29.000 for the first time in its 12-year history. The bulls will now attempt to hit the $ 30.000 mark by the start of the new year.

The latest rally comes after BTC enjoyed another record-breaking weekend, hitting $ 27.000 on most cryptocurrency exchanges such as Bitcoin Pro. However, the major cryptocurrency slowed to catch its breath on Monday and most of Tuesday, but resumed its upward trajectory yesterday.

On December 29, the price of BTC attempted to break out of a stiff resistance at $ 28.500 and succeeded. However, after reaching the $ 28.600 level, the bulls lost strength and there was a sharp correction in the price to $ 27.300. The correction did not last as Bitcoin soon broke the resistance level and reached $ 29.000.

Resistance to reach 30k

Thanks to the latest rally, Bitcoin's total market cap is close to $ 550 billion. The leading cryptocurrency has a market dominance of 70,7%, as it accounts for the majority of the $ 761 billion market capitalization of the global cryptocurrency market.

Yesterday, the price of Bitcoin reached a new all-time high of $ 29.280,05 before falling back to $ 29.231,01. The sharp rise represented a 5,28% increase in the past 24 hours. It has since dropped to $ 28.954 at press time.

This rally means that the price of Bitcoin has risen more than 300% year to date, with most hodlers and analysts now expecting the cryptocurrency to hit $ 30.000 in the next few days.

Currently, there is strong resistance at $ 30.000, which suggests that the bulls may find it difficult to break out of that level soon.

Institutional interest continues to grow

Institutional interest in Bitcoin and the cryptocurrency market continues to grow. Grayscale crypto assets under management were $ 16,4 billion last week, but are now reportedly reaching $ 20 billion.

A growing number of institutional entities are investing in Bitcoin or launching cryptocurrency-related services for their clients. Mexican billionaire Ricardo Salinas recently praised Bitcoin and revealed that 10% of his wallet has been allocated to cryptocurrency. Salinas has an estimated net worth of over $ 13 billion, making him the third richest person in Mexico.

So far, Grayscale, MicroStrategy, Square, Guggenheim and Skybridge have invested billions of dollars in Bitcoin this year.