- BTC price and volume has kept growing in this new year
- The current bull run of the cryptonasset is driven by institutional investors
Bitcoin appears to have a stranglehold on its beautiful start to the year as the price of the coin is massively getting very close to $35,000.
In the last 24 hours alone, BTC price has risen by close to 15%. Not only that, the volume of the coin that is exchanging hands has rapidly increased within the same space of time. According to CoinMarketCap, the figures stand at over 100% between yesterday and today alone.
What this signifies is a continuation of the bullish run that the coin is currently on. Having an increase in price of the asset and also an increase in the volume of trades shows that the positive start the leading crypto asset has had is only going to continue.
What could be leading to the increase in BTC price and volume?
One truth is that there is currently no identifiable catalyst that is pushing the volume and price of the coin. Bitcoin, since the start of the year, has increased by almost 20% continuing on a run that it had begun towards the end of 2020.
However, one can allude that the increased fear of missing out (FOMO) is driving more investors into the digital asset as they also want to partake in the ongoing promise that the coin shows. Investors who are now investing in the coin may be feeling that they would continue to miss out on the gains of the coin if they don’t make a purchase now.
The increase in volume can also be tied to retail investors because the rise happened during a weekend where most institutional investors would be off work.
Bitcoin current bull run differs from that of 2017
In 2017, Bitcoin bull run was driven by retail investors who could only push the coin to as high as $20k.
The current run is, however, different as the entrance of institutional investors like PayPal, Microstrategy, Square, Mass Mutual, Grayscale and a host of others have driven the price up.
This might have played a role in the continued increase that the volume and price of the leading digital asset has seen.