Recently, BTC has been leaving a string of broken records in its wake after passing the psychologically key 20,000 mark for the first time on Dec. 16. In the last several days BTC seems to found yet another gear, breaking through 25,000 Friday night for the first time, and going through 26,000 Saturday afternoon like a hot poker through oneply tissue.
Roughly half a day later, BTC surged past 27,000 early Sunday morning, before racing past 28,000 just before dawn, before settling down to 27,604.67 at this writing, up 9.63 in the last 24 hours. Yeartodate, BTC is up more than 275. In the last 48 hours, its risen 14. With a market value of 512.34 billion, BTC is now more valuable than all but seven publicly traded companies, sitting between Alibaba at 545.4 billion and Tencent Holdings at 509.7 billion, according to Statista data.
Institutional investors are perceived to be driving this recordsetting run. Among them Anthony Scaramuccis Skybridge Capital 25 million in December; MassMutual 100 million in December; and Guggenheim up to 10 of its 5 billion macro fund.
With the end of the year looming, some fund managers may also be buying BTC so they can brag next year about being smart enough to get in in 2020 while neglecting to say at which price they had done so.
In addition, the U.S. Federal Reserve, along with other central banks, has been printing money with abandon trying to stave off the worst economic effects of the pandemic, while U.S. President Donald Trump has…