Bitcoin has undergone a strong rally over the past 24 hours. The cryptocurrency is up 8% in the past 24 hours alone, pushing from the $27,000 range to $28,500 now.
The leading cryptocurrency set a new all-time high just a number of minutes ago above $28,500, pushing to $28,600 on top exchanges. This was marked by not much hype on Twitter despite this being a new all-time high, potentially because this new high was only marginally above the previous one. Also, Twitter seems to be focused on an Ethereum-based DeFi app as opposed to the Bitcoin rally.
Bitcoin Explodes Higher
This comes as there has been a continued interest by institutions in BTC.
Skybridge Capital was revealed today to have likely invested over $180 million worth of capital into Bitcoin via its funds. The company recently launched a Bitcoin-focused fund to allow investment advisors to gain exposure to the leading cryptocurrency.
Raoul Pal thinks that reflexivity will take this market to an extremely volatile place.
Author: Nick Chong
Read more at: https://www.newsbtc.com/analysis/btc/bitcoin-price-hits-new-all-time-high-above-28500/
