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Bitcoin blows past $27K, market dominance surpasses 70%

  • Bitcoin trading above $27,000 and could make its case for $30K.
  • The leading digital asset’s market dominance is pegged at 70.1%
  • Institutional capital and hyperinflation caused by the pandemic are the drivers of BTC’s recent bull run.

There is no telling how high can bitcoin can go. Bitcoin’s price shot past $27,000, less than 24 hours after the leading digital asset broke the key level of $25,000.

After breaking the $25,000 level for the first time on Friday, the digital asset continued with its relentless mission to leave a trail of breaking old records and setting new ones. Each BTC unit is currently exchanging hands for $27,300. At this rate, a charged run above $30,000 might be on the horizon.

Bitcoin is up more than 9% in the 24 hours and its market dominance has risen to 70.1%. The digital asset is more than 260% in the green in year-to-date (YTD) performance.

Bitcoin critic Peter Schiff noted that BTC’s market dominance could rise to as high as 80%. Bitcoin last had an-80% market dominance in 2016 before the 2017 altcoin rally reduced BTC’s dominance.

Bitcoin’s driving force

Bitcoin’s rise to new heights in the last quarter of the year is mainly attributed to institutional capital flowing into the market at a healthy rate.

Anthony Scaramucci’s Skybridge Capital, which is running a full bitcoin node, invested $25 million into a new fund. Insurance company MassMutual purchased bitcoins worth $100 million.

Apart from institutions driving the price of bitcoin, central banks around the world have switched on their money printing machines to limit the economic effects of the coronavirus pandemic. Printing more money is seen as a sure way of leading to inflation, and bitcoin is seen as a hedge.

Bitcoin pioneer Max Keiser explained that the increasing BTC price is a statement about the collapse of fiat currencies.

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