Bitcoin Is Up Nearly 100% This Year As Bull Market Continues

Bitcoin Is Up Nearly 100% This Year As Bull Market Continues

Bitcoin prices have almost doubled thus far in 2021, pushing higher as the cryptocurrency benefits from growing institutional adoption.

The world's most prominent digital currency, whose total market value recently surpassed $1 trillion, reached as much as $57,492.00 today, CoinDesk data reveals.

After climbing to this level, bitcoin had rallied 98.7% this year, additional CoinDesk figures show.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

'Strong Institutional Demand'

The current bull market has been markedly different from the one that took place between 2017 and 2018, where bitcoin prices approached $19,800, but failed to sustain these levels, falling below $15,000 in a matter of days.

The gains the digital currency experienced during that particular bull run were attributed largely to factors like strong retail interest and widespread media coverage, whereas market experts have frequently cited institutional investment as as a major factor driving the current bull market.

Jeffrey Wang, head of the Americas for Amber Group, spoke to this development, stating that "strong institutional demand“ is combining with a lack of "willing sellers“ to fuel what he describes as "one way price action.“

He further commented on how bitcoin exchange-traded