Bitcoin tops $29k for the first time

The leading cryptocurrency’s price continues to have a historic year and has broken above the resistance level of $29,000 a few hours ago

Bitcoin bulls smashed the $28,500 resistance level, allowing the leading cryptocurrency to trade above $29,000 for the first time in its 12-year history. Bulls will now attempt to reach the $30,000 mark heading into the New Year.

The latest rally comes after BTC enjoyed another record-breaking weekend, reaching $27,000 on most cryptocurrency exchanges. However, the leading cryptocurrency slowed down to catch its breath on Monday and most of Tuesday but resumed its upwards trajectory yesterday.

On 29 December, BTC’s price attempted to surpass a tough resistance at $28,500 and succeeded. However, after reaching the $28,600 mark, the bulls lost steam, and there was a sharp price correction to $27,300. The correction didn’t last as Bitcoin soon surpassed the resistance level and reached $29,000.

Thanks to the latest rally, Bitcoin’s total market cap is close to $550 billion. The leading cryptocurrency has a market dominance of 70.7%, as it accounts for most of the $761 billion market cap of the overall crypto market.

Yesterday, Bitcoin’s price hit a new all-time high of $29,280.05 before dropping back to $29,231.01. The sharp rise represented a 5.28% surge over the past 24 hours. It has since dropped to trade at $28,954 at press time.

The recent rally means that Bitcoin’s price is up by more than 300% year to date, with most hodlers and analysts now expecting the cryptocurrency to reach the $30,000 mark over the coming days.

Currently, there is stiff resistance at $30,000, suggesting that bulls might find it hard to cross that level soon.

Institutional interest continues to grow

The institutional interest in Bitcoin and the cryptocurrency market continues to grow. Grayscale’s crypto assets under management were at $16.4 billion last week, but it is now reportedly reaching $20 billion.

An increasing number of institutional entities are either investing in Bitcoin or launching cryptocurrency-related services for their clients. Mexican billionaire Ricardo Salinas recently praised Bitcoin and revealed that 10% of his portfolio was allocated to the cryptocurrency. Salinas has an estimated net worth of over $13 billion, making him the third richest person in Mexico.

So far, Grayscale, MicroStrategy, Square, Guggenheim and Skybridge have invested billions of dollars in Bitcoin this year.