Shortly after Bitcoin (BTC) surged past the $25,000 level, hitting fresh all-time highs at $28,000. The Bitcoin 2020 bull run has seen its one-month gain to over 50%, with no sign of slowing.
Bitcoin blasted past $25,000 Friday night for the first time, and went through $26,000 on Saturday afternoon. A few hours after surpassing $27,000, the price of Bitcoin briefly surged past $28,000 for the first time ever Sunday morning, reaching a new all-time high $28,335.
As of the time of writing, Bitcoin is trading at $27,030, according to Coingecko. Suring on thin volume, Bitcoin’s price has risen by about $4,000 in the holiday weekend. Year-to-date, Bitcoin is up more than 270%.
Forbes highlighted that retail traders were the key force driving the price increase during Christmas.
Bitcoin’s market value now exceeds $500 billion, ahead of the $460 billion market cap of global payment giant Visa. It is now more valuable than all but eight publicly traded companies, trailing Tencent ($509 billion) and Alibaba ($545 billion).
Bitcoin To Smash $30K?
The tremendous rise is leading to the question of whether it is about to smash $30,000 before the end of the year.
“I would not be surprised to see a healthy correction when these markets open on Monday.” A market observer told Forbes. “Compared to massive short term price gains of Bitcoin in the past there are far more professional investors in the space today which will result in faster price corrections and decrease long term volatility.”
Bitcoin would likely face regulatory scrutiny after the rally, Guy Hirsch, managing director of eToro US, told Bloomberg. “There are some storm clouds on the horizon,” he said, including actions by the outgoing Trump administration, among others.
Additionally, many investors said the industry could see tighter scrutiny and regulation with the incoming Joe Biden administration, Bloomberg reported.