According to the analysis of data company Chainalysis, since September, these new investors who bought at least 1,000 bitcoins and opened accounts for less than a year have promoted the huge demand for coins. They bought a total of 500,000 Bitcoins worth $11.5 billion in the past three months.

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While these new investors accelerated the buying frenzy, the price of Bitcoin more than doubled from the $10,000 level. Chainalysis chief economist Philip Gradwell said that these new demands help promote Bitcoin price Rise to an all-time high.

Gladwell said in a report last Friday: "The role of institutional investors is becoming more and more obvious. Demand is driven by North American investors, and there is greater demand from institutional buyers."

This year's rise is different from three years ago. Bitcoin's rise in 2017 was mainly driven by retail investors, many of whom were betting on Bitcoin and other small cryptocurrencies for speculative purposes. Bitcoin approached $20,000 for the first time at the end of that year, but then quickly collapsed, losing 80% of its value in the following months.

Last week, Bitcoin surpassed USD 23,000 for the first time in its history, and continued to rise at the weekend. It once exceeded USD 24,000, and has risen by more than 200% so far this year.

Part of the reason for the strong Bitcoin price in 2020 is that well-known Wall Street billionaires openly support Bitcoin. Analysts say this has brought confidence to mainstream skeptical investors.

Source: Chinalysis