The price of Bitcoin soared more than 9% on Saturday to surpass the $33,000-mark for the first time, after having crossed three $1,000-increment jumps in less than four hours earlier in the day.
On Sunday, the price rose by more than 5% and crossed the $34,000 mark, pushing its total market valuation by over $600 billion.
Even as all other markets were closed due to the holiday weekend, the world’s leading cryptocurrency surge was driven by increased in investor appetite by both retail and institutional investors.
Bitcoin gained more than 300% in 2020, pushing its market value to more than $560 billion. During the past year, the price was driven by the rising fears from covid-19’s economic impact. Additionally, other investors bought bitcoin as a hedge against Central Banks‘ money printing programs and devaluation.
Bitcoin 5- Year Performance