The price of bitcoin (BTC) surged past $32,000 for the first time ever Saturday morning, hours after slicing through $30,000, as bitcoin treasury bills records a ground breaking $100 billion in total bids.
Once the price of the leading cryptocurrency crossed the $30,000.00 mark, something it had struggled to do for the last couple of days, it exploded upwards like a ball released under water, hitting a new all-time high of $32,965.95, before falling back to $32,511.29, up 11.81% in the last 24 hours.
The performance comes after a year in which the cryptocurrency rose more than 300% in 2020, with an almost 50% gain just in December, sort of like a boulder gaining speed downhill, only in the opposite direction.
For those who prefer dollar figures to percentages: On Nov. 30, bitcoin breeched a nearly three-year-old high of $19,793. By the close of Dec. 31, the cryptocurrency had risen about $10,000. For the visually inclined, see the chart below.
And of course the market value of bitcoin jumped as well, leaving many of the most well-known companies in the world in its wake. With a market value of just over $600 billion, BTC is now more valuable than all but nine publicly traded companies, sitting between Alibaba at $648.3 billion and Berkshire Hathaway at $543.7 billion.
Bitcoin price action through 2020 and into 2021
Source: TradingView, Coinseed Research
Propelling the record-setting run is a growing narrative that bitcoin represents a form of “digital gold,” along with a flood of institutional investors in bitcoin treasury bills : Among them: Anthony Scaramucci’s Skybridge Capital ($182 million in December); MassMutual ($100 million in December); and Guggenheim (up to 10% of its $5 billion macro fund).