Bitcoin recorded a new all-time high of $34,608 early Sunday morning as it clocks 12 years of existence.
Bitcoin started 2021 in an eruptive mode, picking up from where it stopped in 2020 where it rose by over 300%.
Bitcoin first marked the new year by reaching an all-time high of $29,601.51 on January 1st. Since then, the leading cryptocurrency has gone ahead to surpass $30,000 mark by first hitting $30,000 on Saturday, before reaching $31,000, then setting a record of $33,136.92, and then wrapping it up with $34,295.11, all in one day.
The current price of bitcoin is $29,061.01, slightly dropping by -13.15% in the last 24 hours. Bitcoin has a current market cap of $540.23B and market volume of $66.28B. In the last 24 hours, bitcoin has dropped to $28,154.11 and experienced 24 hours high of $34,347.90. Currently, 18,590,381.75 bitcoins are in circulation.
Stats and Image from Coin Desk
Some of the factors believed to be responsible for the boom in the price of bitcoin last year are 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; 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 as bitcoin is now perceived as a store of value and is believed to become more valuable than gold in the coming years.
Meanwhile, the second-largest cryptocurrency by market capitalization Ethereum seems to be walking the path of its big brother BTC as it sets a new record of $1,448.18 on Sunday for the first time since 2018.
Ethereum has previously set a record of $912 on Sunday after increasing by 21%.
Also, Elon Musk’s endorsed crypto Dogecoin has experienced a 121% boom in price on Saturday, reaching $0.011. The altcoin has since gained a market cap of $1.3 billion.