Quickly recovering from last week's steep decline, Bitcoin has now touched a new all-time high. The previous record was that of $19,783 in December 2017. Whilst the previous peak was the end of a raging rally; the new peak could be the beginning of one.

Why is Bitcoin going up?

Some experts say the cause of this uptrend amongst other factors is driven by institutional buying. Major companies and investment firms are buying into Bitcoin. Companies like PayPal and Square have publicly shown interest in Bitcoin this year. Investment firm Ark Invest, who have also shown interest in Bitcoin as an investment, expects that Bitcoin's market cap of $200 billion today will scale to $1 – 5 trillion in the next five to ten years.

With Bitcoin exceeding it's previous all-time high and keeping a steady course it will be exciting to see if history repeats itself by giving us another end-year rally as seen in December of 2017.