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Bitcoin hits new record above $35,000 following massive drop

By
Noah Manskar
Published Jan. 6, 2021, 10:28 a.m. ET

Bitcoin surged to a new record high late Tuesday less than two days after suffering its biggest single-day drop in months.

The price of the world’s largest cryptocurrency rose to an all-time peak of $35,751.00 shortly before midnight after crossing the $35,000 mark for the first time, according to data from cryptocurrency site CoinDesk.

Bitcoin pared the gains in choppy trading Wednesday morning but was still up about 6.5 percent at $34,292.16 as of 10:03 a.m.

The increasingly popular digital currency notched the new record after plunging as much as 17 percent early Monday morning, marking its largest intraday drop since March.

The big swings underscore the volatility that Bitcoin traders have had to wade through during the massive rally that’s seen the asset’s price more than triple in the last three months.

“Crypto investors appear to have gotten used to the extreme price fluctuations and have so far kept a cool head despite the occasional flash crash,” said Milan Cutkovic, a market analyst at Axi. “Fear of missing out is driving this rally, and an increasing number of investors want to jump on the bandwagon before the next major leg higher.”

The latest Bitcoin boom has been fueled by institutional investors seeking protection against inflation, unlike the 2017 rally that was reportedly driven by speculation from small-time traders.

Bitcoin has also been boosted by hopes that it will become a more widely used payment method, with mainstream digital payments firms such as PayPal and Square allowing Bitcoin on their platforms.