Bitcoin is on the rise again after a weekend in a downward spiral, hitting its all-time high at $ 19,778 on Monday.
The previous record, 19,511 dollars according to data from news service Bloomberg, dates from 2017. In 3 days, bitcoin added more than 15 percent.
However, it first looked like it was game over for bitcoin, the most popular crypto currency in the world. Investors had been looking forward to the $ 20,000 ceiling for several weeks. Those record dreams were briefly shattered when the price plummeted late last week. Bitcoin plunged from $ 19,000 to just above 16,000. The downward spiral was reminiscent of the Bitcoin crash of 2018.
Only a few days later, the volatile investment has already recovered. On Monday afternoon, bitcoin was already worth more than $ 19,500.
That volatile path is, of course, nothing new to crypto investors. Bitcoin also followed a similar path in the winter of 2017 and the start of 2018, albeit at a faster pace. There are some possible causes for the coin’s brief crash and rapid revival.
For example, after the rapid rally in recent weeks, investors may have chosen eggs for their money. With the 2018 crash in mind, and 99 percent of wallets in profit when bitcoin hit $ 19,000, that’s not an illogical move. That explains the low just above $ 16,000.
But in the meantime, it became known that Guggenheim Partners, a consultancy with a long reputation, has filed an application with the American stock market watchdog SEC to invest in bitcoin.
Guggenheim is said to be pushing part of the Macro Opportunities Fund into Greyscale’s Bitcoin Trust. It would be about 10 percent of that portfolio.
Crypto investor Grayscale has 1 percent of all bitcoin in circulation in its portfolio. This made it the largest crypto pioneer. The fact that large institutional players are also putting money into bitcoin is clearly giving the market a boost.