BREAKING: Bitcoin Surges Past $35,000

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In Brief
  • Bitcoin broke yet another record by breaching the $35,000 level.

  • Trading volumes have also reached highs.

  • Over the Jan. 2-3 weekend, 24-hour trading volume exceeded $83 billion.

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Bitcoin has broken its all-time high price record again after crossing the psychologically important $35,000 mark.

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Following a week that saw Bitcoin fly past $30,000, reach $34,000 within hours, then drop 15%, the leading cryptocurrency is now over $35,000.

Bitcoin on a Roll in January

Bitcoin dropped from an all-time high of $33,155 on Jan. 2. It shed roughly 6%, bottoming out at $31,262, before starting the next record-setting run over $34,000.

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Trading volume surged over the Jan. 2-3 weekend. Volume had typically run at $40-50 billion per 24 hours as the new year holiday began. However, volume remained high since the market price crossed back up above $32,000 after the Jan. 2 drop.

Too Dominant

Elevated Bitcoin dominance (BTCD) levels were featured in technical analyses at the beginning of the year.

Over the week of Dec. 27 – Jan. 4, Bitcoin remained high and inched above the 71.5% level, which was a technical resistance level. At 73.63% on Jan. 3, the rise finally broke and BTC landed below 71.5% market dominance. The prediction at the time was that if Bitcoin bests the level again, the next resistance level would be at 84% of the crypto market.

The year-end rally stalled with the beginning of the new week, and BTC fell as low as $28,130. Technical indicators at the time did not point to a bearish reversal. This was borne out by the crypto’s price touching $34,000 again by the end of Jan. 5.

Institutional Factors

One reason behind the bull run that has taken Bitcoin above $35,000 is the influx of institutional and enterprise investors. Their entrance was a major factor in H2 2020, but the story didn’t end there. 

Analyst Joseph Young noted the presence of institutional investors in a tweet:

Enterprise investors are also entering the market. Their motives are slightly different from the institutional investors in that they are using the investments for different ends. MicroStrategy CEO Michael Saylor claims that the company is buying Bitcoin for its corporate treasury.

On the other hand, MassMutual, an insurance company, is investing $100 million in Bitcoin in order to find refuge from global uncertainty.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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James Hydzik is a finance and technology writer and editor based in Kyiv, Ukraine. He is especially interested in the development of regulation in the face of increasingly rapid technological change. He previously covered the CEE region for Financial Times banking and FDI magazines. An ardent believer in gut renovating eastern Europe one flat at a time, he currently holds more home renovation gear than crypto.

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