Bitcoin has shown that it is not stopping any time soon as it keeps pushing and breaking through new grounds and new heights.

Bitcoin has once again set a new record of an all-time high earlier in the day after crossing the latest $28,000 mark to reach $29,280.05.

With this trend, hope is rising that bitcoin could hit $30,000 before or after the new year. The price of bitcoin has leapt by more than 300% this year.

Last, bitcoingained $1000 in price appreciation for 3 consecutive days, soaring and crossing limits ever since it crossed the psychological $20,000 mark on December 16. Bitcoin came with a Christmas gift of $25,000 on the 25th of December, a new record after going through a roller-coaster-ride of $23k and $24k for a week.

On the 26th of December, it also set a new record of $26,000 and soared above $27,000 on the 27th of December as well. On Sunday morning, bitcoin set the latest trend of $28,000 briefly after crossing the $27,000 the same day.

Bitcoin sets a new all-time high of $29,280.05 today. The current price of bitcoin is $28,875.03, climbing by 4.32% in the last 24 hours. Bitcoin has a current market cap of $536.66B and market volume of $43.32B. In the last 24 hours, bitcoin has dropped to $27,702.48 and experienced 24 hours high of $29,280.05.  Currently, 18,586,475 bitcoins are in circulation.

Stats and Image from Coin Desk

Some of the factors are believed to be responsible for the boom in the price of bitcoin this year. The first is the devaluation of the U.S dollars, caused by massive printing of the currency by the U.S Federal Reserve to mitigate the effect of the pandemic on the economy.

Also, institutional investments in bitcoin by large firms like Skybridge Capital that invested $25 million; MassMutual also pumped $100 million into bitcoin and Guggenheim $5 billion macro funds.

One more reason for these investments is because bitcoin is now perceived as a store of value and is believed to become more valuable than gold in the coming years.