Bitcoin Price hits new ATH of $20.8K, here are some factors responsible for BTC surge

Today, the Bitcoin price surges almost 6% and made its new all-time high of $20,836.54 USD as per CoinMarketCap.

At press time Bitcoin was trading at $20,598.53 USD up 6.31% from last 24h. This year only BTC surges almost 400% with low of around $3600 in March during Coronavirus pandemic. This surge is Bitcoin price is due to interest shown by institutional investors in cryptocurrency.

Recently JP Morgan have supported the latest $100 million of Bitcoin investment by MassMutual. MassMutual buys $100 million worth of Bitcoin through NYDIG which is New York-based fund management company.

“MassMutual’s Bitcoin purchases represent another milestone in the Bitcoin adoption by institutional investors. One can see the potential demand that could arise over the coming years as other insurance companies and pension funds follow MassMutual’s example.”

PayPal now also allows its eligible users to purchase Bitcoin through its platform. These are the factors responsible for recently price surge in Bitcoin.

Also the payment company, Square reveals on 7 October 2020 that it bought around 4,709 bitcoins, worth $50 million.

The company claims “Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose.”

Previously the rally in Bitcoin was seen in 2017 when it created a all-time high of close to $20,000 USD by mid December. After that the cryptocurrency market crashed and the price of Bitcoin reached to as low of $3600 in March 2020.

Many analysts forecasted that time that the price of BTC will be zero in the upcoming years, but that not happened.

Currently the dominance of BTC is 64.1% in the whole cryptocurrency market. At press time the 24h trading volume and market capitalization of Bitcoin is $38,919,465,551 USD and $382,244,860,053 USD.