Bullish adventure as BTC price sets new all time high blazing past 37,000.

By: Dickson Arinze

January 07, 2021 12:51 PM

Bitcoin rally shows no signs of stoping this 2021, with lots of institutional buyer's taking spots at the topmost cryptocurrency.

The number one cryptocurrency peaked at $37,421.63 on Bitstamp, surpassing its previous all-time high. The price has gained 12% on the day and more than 35% over the past week.This new all time high came at a time when many feel BTC is been primed for a price correction. 

Seemingly, the market looks highjacked by institutions and big time external players and this trend could see BTC hit a lot of all time highs this season. It’s clear that top traders at major exchanges are not the ones leading the recent buying activity. These short-term traders seem to be waiting for lower entry points, according to their long-to-short position data and the funding rate on derivatives exchanges.

The rise in BTC price did not come alone with other top Cryptocurrency, such as etheruem ETH, Ripple XRP, Stellar XLM gaining significant increase as well in a season that could underline a potential alt  vs BTC rivalry.