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Bitcoin hits 20k — What could be fueling the Bitcoin rally?

The price of Bitcoin (BTC) has reached $20,000 for the first time in history on Dec. 16. The historic milestone comes just over two weeks after breaking its previous all-time high.

This current rally is clearly different from the one we saw in 2017’s this could be down to growing institutional demand, which has helped the crypto market to mature very quickly. All of this alongside the increasing perception among investors that BTC is a store of value and stronger network fundamentals are all seen as the driving factors that may have pushed Bitcoin to a new all-time high.

What could be fueling the Bitcoin rally?

In December 2017, the available data suggested that the 2017 price surge was driven mainly by retail investors. At the time, CME Bitcoin futures had only just been launched and were fairly untested, a lack of institutional investment vehicles placed another barrier between cryptocurrency and traditional institutional investors. This meant that the market as a whole was very emotional and sensitive to the slightest bit of news, thus, leading to erratic volatility.

As the regulatory framework around Bitcoin and custodial services for institutions have become more solid and reliable, institutions have become far more comfortable with getting involved in cryptocurrency. At the end of the Q2 of 2020, Fidelity reported in a survey of almost 800 institutional investors that 36% owned cryptocurrency assets. A separate survey, conducted by crypto asset insurance company Evertas, shared that respondents believe hedge funds will increase their crypto holdings drastically.

What does this mean for the CUDOS token?

With all eyes currently fixed on the crypto market once again, here at Cudo we are feeling very positive about the status of our project, we feel that we are perfectly positioned to take full advantage of the attention and positive sentiment surrounding cryptocurrency and blockchain technology. To find out more about what we’re currently working on please visit our website or click on one of the social media links below.

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Cudos is powering the metaverse through cloud computing bringing together DeFi, NFTs, and gaming experiences to realise the vision of a decentralised Web 3.0, enabling all users to benefit from the growth of the network.

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