Bitcoin Hits New All-Time High above $19,892

Bitcoin reached On Tuesday, an all-time high of $ 19,892 after nearly three years, according to data from Coinbase.

Despite the collapse of Thanksgiving last week, Bitcoin price managed to recover throughout the weekend,  easily crossing the $19,000 mark on Monday, hitting an all-time high.

There are three main trends that have led the digital currency to rise from - $3,600 in March to more than $ 1,9892, includes increased institutional demand, reduced selling pressure, and currency resilience throughout the pandemic.

Data show that the demand for Bitcoin from institutions is increasing rapidly, especially in the third quarter of 2020. In November, the crypto asset management platform Grayscale recorded an all-time high net inflows, and the CME Bitcoin futures market saw an open interest of almost $1 billion.

In August, MicroStrategy bought $450 million worth of Bitcoin and approved it as its primary treasury asset. This could potentially be the spark that launched the current wave of institutional demand for the digital store of value, with high-profile allocations from Square, Paul Tudor Jones and Stanley Druckmiller.

Low selling pressure helped the cryptocurrency to maintain its rally throughout the month, ultimately allowing the dominant cryptocurrency to reach a record high.

In June, largest investment bank in the US "JP Morgan" recognized Bitcoin's resilience after its recovery from the March crash, giving it a major confidence boost.

In the end, the impressive performance over the past decade and the strong momentum of Bitcoin since its decline below -$3,600 across major exchanges in March demonstrated its resilience and long-term potential in keeping value.