Bitcoin crosses $ 30,000 by billing in 2021

• Bitcoin set a new record on Saturday when the price of digital currency surpassed $ 30,000.
• The incumbent blockchain operator has risen in recent weeks, surpassing the price of $ 20,000 just over two weeks ago and rising to $ 25,000 on Christmas Day.
• Bitcoin has grown significantly over the past year as it has garnered more interest from institutional and retail investors, some of whom view digital coins as a safe haven during the coronavirus pandemic.
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The price of bitcoin crossed $ 30,000 for the first time on Saturday as the digital currency continued its rally into the new year.

Bitcoin hit a high of $ 33,136.92, a peak of around 14% in the past 24 hours.

The cryptocurrency has broken record after record in recent days, surpassing the price of $ 20,000 just over two weeks ago and reaching $ 25,000 on Christmas Day. Its current market capitalization is approximately $ 611 billion.

Bitcoin’s value has grown by over 300% last year as more institutional investors move to digital currencies. Companies like PayPal have added support for cryptocurrency transactions, and some retail investors have turned to digital coins as a safe haven (like gold) during the coronavirus pandemic.

Investors are not yet sure if the recent rise in Bitcoin will impact the price of gold in the future.

JPMorgan strategists argued in December that the new currency could potentially reduce the value of gold because “the adoption of bitcoin by institutional investors is just beginning, while for gold, its adoption by investors institutions is very advanced “.

But a Goldman Sachs analyst later wrote that bitcoin was unlikely to negatively affect gold in the long run. “We see no evidence that the bitcoin rally is cannibalizing the bull market in gold and believe the two can coexist,” the analyst wrote in a note.

Bitcoin wasn’t the only digital currency to rise on Saturday. Smaller competitors like Ethereum, Litecoin, and Chainlink all saw price jumps when trading cryptocurrency as nearly all other markets were closed.

Learn more about the recent Bitcoin rally: