Bitcoin price hit $27,000, market cap now tops $500B

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After hitting $25,000 on Dec. 25 and $26,000 on Dec. 26, the price of bitcoin (BTC) surged past $27,000 as the flagship cryptocurrency’s recent meteoric increase continues. Bitcoin market cap now exceeds $500 billion.
Bitcoin has been leaving a string of broken records in its wake after hitting the psychologically key $20K level for the first time ever on Dec. 16.
In the last several days BTC looks to found yet another gear, breaking through $25,000 for the first time, and surpassing $26,000 Saturday afternoon.
Roughly half a day later, it surged to a new all-time high (ATH) of $27,666.17 early Sunday morning, before settling down to $27,519.52 at this writing, up 11.04% in the last 24 hours.
Year-to-date BTC is up more than 270%.
With a market cap of $512.34 billion, Bitcoin is now more valuable than all but seven publicly traded firms, sitting between Alibaba at $545.4 billion and Tencent Holdings at $509.7 billion, according to Statista data.
Institutional buyers are perceived to be boosting this record-setting run. Among them: Anthony Scaramucci’s 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 closing, some fund managers may also be purchasing BTC to be able to brag next year they’d been smart enough to get in in 2020 while neglecting to reveal at which price they had done so.
Moreover, the U.S. Federal Reserve, along with other central banks, has been printing money with abandon struggling to stave off the worst economic effects of the pandemic while Donald Trump has been pushing Congress to pass an even larger relief package to allow for larger stimulus checks.
These actions are considered by many as potential catalysts for inflation and bad for the USD, both of which could be positive for crypto market.
While the tremendous surge in BTC might make it easy to think we’re going to face $28,000 on Dec. 28, $29,000 on Dec. 29 and so on, it’s good to keep in mind that this increase is happening over a holiday weekend on thin volume. Monday could well bring a different narrative.
Still, there are those who think Bitcoin is just getting started. Scaramucci has said he thinks BTC is in the “early innings” and Saturday afternoon, crypto venture capitalist/bitcoin evangelist Tim Draper tweeted that the price of the leading cryptocurrency could soar ten-fold by the end of 2022.

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