Bitcoin Surges Past $27,000 Now As Institutional Investors Jump in

​Bitcoin has jumped above $27,000, refreshing its all-time high record price once again shortly after the $25,000 mark being broken on Christmas Day. 

Data from Tradingview shows that the world's largest cryptocurrency is changing hands at $27,671.12 as of press time, representing a daily change of 4.55%. The overall cryptocurrency market capitalization of all the crypto assets in existence today is roughly $720 billion, while the market capitalization of Bitcoin is about $514 billion, accounting for about 71% of the overall capitalization. At the time of publication, the available number of BTCs is $18.58 million.

Source: Tradingview

Institutional Investors Are Increasingly Interested in Bitcoin

Last week when Bitcoin was cautiously approaching the $25,000 mark, an avalanche of institutional investors started to add digital assets in their investment portfolio to hedge against dollar depreciation. BTC, as the world's largest cryptocurrency, is considered as an inflationary hedge and an alternative investment vehicle.

Last Monday, business intelligent firm MicroStrategy announced that it has purchased the additional $650 million during the price dip. The company has previously disclosed its intention to buy more Bitcoin earlier this month.

​Two days after MicroStrategy's additional purchase, Grayscale Bitcoin Trust added 12,319 Bitcoin within 24 hours to push its total crypto assets under management above $15 billion.

On the same day, the Canadian financial tech firm Mogo announced its plans to invest 1.5% of the company's reserve assets into Bitcoin by the year's end. Mogo's president and CFO said the initial corporate investment of up to $1.5 million in Bitcoin builds on the company's product development related investments in Bitcoin during the last few years.