Bitcoin rises to a new record above $ 33,000 on Saturday

Bitcoin rose to a new record high above $ 33,000 on Saturday and has tripled in value in the past year.

Investors were drawn to cryptocurrency like The weakening of the US dollar And with the Federal Reserve expected to leave interest rates near zero for several years, the well-known names add to Bitcoin’s appeal.

Bitcoin BTCUSD,
+ 1.95%
It should ultimately rise to around $ 400,000, said Scott Minerd, chief investment officer at Guggenheim Investments, He said in December.

Investors have gravitated to the narrative that cryptocurrency can act as a store of wealth amid an outbreak of central bank money printing last year to boost the economic recovery from the coronavirus pandemic.

PayPal PYPL It recently allowed users to run on its platform To buy Bitcoin BTCUSD,
+ 1.95%And the
In addition to other sister cryptocurrencies such as ethereum ETHUSD Bitcoin Cash and Litecoin LTCUSD. Squares Sk The popular Cash app also allows users to buy and sell bitcoins.

This is not the first bitcoin price hike. It had a high in 2017 but its price only dropped to More than $ 3,000 By early 2019, as China has cracked down on cryptocurrency companies. Then it jumped above $ 20,000 in December, and rose rapidly in the past month.

Bitcoin is still a poorly traded market, however, and the rally in 2017 was followed by a year-long 83% crash.

Coinbase saw a huge spike in buyer activity on Saturday as analysts said the trend was reminiscent of MicroStrategy’s MSTR.
Bitcoin accumulation, which may be driven by institutional purchase orders, According to CoinTelegraph.

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In the past 48 hours, Coinbase has consistently seen a high premium compared to other platforms. When the Bitcoin price exceeded $ 30,000, the premium reached $ 350.

Also see: With Bitcoin soaring to the records, Riot Blockchain shares are up nearly 1500% in 2020

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