Bitcoin hits the 55,000 dollar mark

bitcoin hits 55000

Bitcoin (BTC) prices hit a fresh record today, surpassing $55,000 as the cryptocurrency continued its strong, upward movement.

Bitcoin, which recently surpassed a market capitalization of $1 trillion, reached $55,707.21 this afternoon, according to CoinDesk data.

The digital currency has been rising to increasingly impressive all-time highs, having already dwarfed the previous record price level of nearly $20,000 set in 2017.

Michael Conn, CEO of Zilliqa Capital, stated the following:

“I believe that increased general awareness and institutional demand, alongside growing retail focus on the asset class is creating upward pressure and momentum on the price.”

“This feels more like a true store of value play, and less of a FOMO story, in my opinion,”

“I think this will continue as the year progresses, with $100-200k by year end being achievable,”

Jeffrey Wang, head of the Americas for Amber Group, also offered his perspective:

“Strong institutional demand along with very few willing sellers is giving us this one way price action,” he stated.

I for one believe that institutional demand and the spillover from the Wall Street Bets crisis may be behind this strong move.

We are here for the ride! Stay tuned…

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