The price of bitcoin has entered uncharted territory above the $23,000 mark after moving up from little over $19,300 in a single day. Analysts appear to believe the cryptocurrency still has room to grow in its current rally.

One River Asset Management, a hedge fund specializing in volatility bets, has reportedly become one of the largest investors in Bitcoin after buying over $600 million worth of crypto, and plans to build its position to $1 billion in BTC and ETH by early 2021.

U.K.-based Ruffer Investments has confirmed it made a $744 million bitcoin bet in an email, in which it detailed its position of BTC is equivalent to 2.7% of its assets under management.

Top stories in the Crypto Roundup today:

• Bitcoin’s Price Enters Uncharted Territory Above $23,000
• One River Commits to Holding $1 Billion in BTC and ETH by Early 2021
• Ruffer Investment Confirms $744 Million Bitcoin Bet
• BTC, LTC; XRP Are Moving in the Crypto Market

Bitcoin’s Price Enters Uncharted Territory Above $23,000

The price of bitcoin has entered uncharted territory above the $23,000 mark after moving up from little over $19,300 in a single day. Analysts appear to believe the cryptocurrency still has room to grow in its current rally.

Over the last 12 months, the price of bitcoin has moved up over 242% to its new all-time high. Over the year companies like Square and MicroStrategy adopted BTC as a reserve asset, which boosted demand.

Speaking to CoinDesk the CEO of Kenetic Capital, Jehan Chu, said that $22,000 is a “green flag on the way to the next psychological level at $25,000.” The price of BTC has moved up after top managers like Guggenheim Partners and Alan Howard revealed major positions in the cryptocurrency.

To the CEO of Kenetic capital, these positions “force investors to justify not allocating to bitcoin,” and $22,000 is the “ultimate lagging indicator of institutional interest.”

One River Commits to Holding $1 Billion in BTC and ETH in Early 2021

One River Asset Management, a hedge fund specializing in volatility bets, has reportedly become one of the largest investors in Bitcoin after buying over $600 million worth of crypto, and plans to build its position to $1 billion in BTC and ETH by early 2021.

The hedge fund has reportedly joined forces with Alan Howard, the co-founder of Brevan Howard Asset Management. Eric Peters, CEO of One River, said in an interview the company plans on seizing growing interest in cryptocurrencies among institutional investors. Peters said:

“There is going to be a generational allocation to this new asset class. The flows have only just begun.”

The firm was reportedly wary of triggering a spike in the prices of BTC and ETH, and as such executed its trades “as inconspicuously as possible.” It finished buying into its position in November, before bitcoin was trading at $16,000.

Ruffer Investment Confirms $744 Million Bitcoin Bet

U.K.-based Ruffer Investment has confirmed it made a $744 million bitcoin bet in an email, in which it detailed its position of BTC is equivalent to 2.7% of its assets under management.

Ruffer reportedly said in an email its “exposure to bitcoin currently totals around £550 million,” which means it owns roughly 45,000 BTC based on prices from last month. The investment was “primarily a protective move for portfolios.”

The move, the firm said, is meant to “act as a hedge” against “some of the risks that we see in a fragile monetary system and distorted financial markets.”

BTC, LTC, XRP Are Moving in the Crypto Market

Several tokens are leading the charge in the last 24-hour period. Some of these are well-known cryptocurrencies with rather liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

It's worth noting that as the price of Bitcoin surpassed the $20,000 resistance several other top altcoins started surging, with XLM, ETH, UNI and others registering double-digit gains.

Bitcoin (BTC) – Bitcoin is the flagship cryptocurrency, created by the pseudonymous Satoshi Nakamoto over a decade ago. Its price pushed through the $20,000 resistance thanks to a “stampede of buyers” and has kept on climbing since, surpassing $23,000 at press time. In the last 24 hours BTC is up 18.47%.

Litecoin (LTC) – Litecoin, often referred to as the silver to Bitcoin’s gold, was one of the first altcoins to ever be created. LTC is up 17.46% in the last 24-hour period.

XRP (XRP) – XRP is one of the most liquid and scalable cryptocurrencies. It settles transactions in a few seconds and has a long track record showing its stability. Its price is up 23.24% in the last 24 hours.

 

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.