Bitcoin breaches $34,000 as rally extends into New Year

Bitcoin, the worlds largest crypto currency, topped $34,000, just weeks after passing another major milestone.

The currency gained as much as 7.8% to $34,182.75, before slipping to about $33,970 as of 3:05 p.m. on Sunday in Singapore. It advanced almost 50% in December, when it breached $20,000 for the first time.

The latest gains top an eye-popping rally for the controversial digital asset in 2020, which rebounded sharply after a severe crash in March that saw it lose 25% amid the coronavirus pandemic.

The currency “will be on the road to $50,000 probably in the first quarter of 2021,” said Antoni Trenchev, managing partner and co-founder of Nexo in London, which bills itself as the worlds biggest crypto lender. Institutional investors returning to their desks this week will likely boost prices further after retail buying over the holidays, he said.