Bitcoin price reached $28,365 on Sunday setting a new an all-time high. It is expected the price will continue the positive rally in the short run.
In 2020, Bitcoin price more than tripled amid a worsening global pandemic. The positive bitcoin price rally since mid of 2019 so far is the longest such stretch.
There is no consensus among experts on the bitcoin price rising. Bitcoin supporters see this as a hedge against inflation and a weak dollar, pointing to growing interest from institutional investors. Their opponents are questioning Bitcoin’s validity as an investment, they are looking back when wild rallies followed by crashes.
However, many experts say that the current bull run looks much healthier and more stable, that the one in 2017. It appears this bull run is caused by massive institutional investments and mainstream adoption of bitcoin amid the ongoing pandemic.
The institutional investment into the leading cryptocurrency has played a significant role in the recent bitcoin rally. Insurance giant MassMutual purchased $100 million of Bitcoin this month. Several billionaires and big institutions have shown interest in bitcoin.