On the 17th of November, Bitcoin reached $17,000, its highest price since the 8th of January 2018. Over time, Bitcoin has been recording gains and reaching new highs. Less than a week ago, the coin was trading at $16,000, and currently, BTC is up 6.81% to $17,523.93.
Since the beginning of the year, Bitcoin has climbed 137%. The constant increases in the price of Bitcoin can be linked to several factors. Over time, Bitcoin has gained more attention from institutional investors.
Mobile intelligence and software company MicroStrategy bought 21,454 BTC worth $250 million in August. About a month later, the company acquired an additional 16,769 BTC worth $175 million and elected Bitcoin as its primary reserve asset.
Similarly, Grayscale has also been purchasing Bitcoin. According to a on the 16th of November, Grayscale Bitcoin Trust held over 500,000 BTC.
Another factor influencing the rise in BTC is PayPal’s announcement to support Bitcoin on its new crypto payment service. In reaction to the news on the 21st of October, Bitcoin jumped 8% to over $13,000.
In addition, a by The Block stated that Bitcoin Futures are also gaining more recognition. On the 16th of November, the aggregated open interest of Bitcoin futures reached an all-time high of $6.3 billion.