Bitcoin sets a new all-time high of $28,500, poised to see largest monthly profit gain since 2019.
When trading on Wednesday, the world’s most famous crypto, bitcoin, reached a new high of $28,579, inching closer to a psychological level of $30,000. The price of a digital commodity has almost tripled in the current year.
Since May 2019, the cryptocurrency, which later fell back to trading below $28,000, has been set for its largest monthly rise.
Analysts claim that institutional investors have been driving Bitcoin’s record run, such as Paul Tudor Jones and Stanley Druckenmiller. In the previous three months, major investors added $11.5 billion in bitcoins.
“While a growing institutional presence has been part of the narrative of the current bull run, we may see increased retail interest in bitcoin as a form of digital gold.”
Paolo Ardoino, chief technology officer of crypto exchange Bitfinex
Regulatory considerations, meanwhile, remain a larger factor for crypto investors. This month, the Securities and Exchange Commission accused Ripple Labs and its top executives of misleading XRP-affiliated token investors. Although Ripple aims to contest the prosecution in the courts, the progress highlights the possibility of tighter digital asset supervision.
This month, XRP has plunged over 70 percent and faces additional pressure, with Coinbase being the latest exchange to declare the suspension of token trading.