Bitcoin soars above $35,000, hitting new high

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The price of bitcoin on rallied to new all time high levels to trade above $35,000, according to data from Coin Metrics, as of about 1:24 a.m. EST Wednesday.

The surge in bitcoin prices came just days after it slumped more than 10% to $29,316, following a more than 300% surge in 2020.

Bitcoin soared on Wednesday to touch an all-time high, as the cryptocurrency continued trading wildly.

The price of bitcoin rallied to trade above $35,000 as of about 2:11 a.m. EST Wednesday, according to data from Coin Metrics. The price surge came just days after it slumped more than 10% to $29,316. That followed a more than 300% jump in 2020 to levels above $29,000.

On Monday, JPMorgan published a note with a bold long-term price target for bitcoin, claiming the cryptocurrency could soar to as high as $146,000 as it competes with gold as an “alternative” currency. The precious metal also saw sizable gains in 2020, with spot gold rising about 25% for the year.

Anthony Scaramucci, founder and co-managing partner of SkyBridge Capital, also told CNBC’s “Capital Connection” on Wednesday that his firm is “quite bullish” on bitcoin’s store of value and sees it “replacing” gold.

Scaramucci, a former White House communications director, added that Democratic control of Congress would be “great” for cryptocurrencies due to expectations of “tremendous” money printing under a federal government controlled by the party.

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JPMorgan’s strategists, however, said that bitcoin will need to become substantially less volatile before it can match gold in terms of market value. The price of the cryptocurrency is known to go through wild swings.

The U.S. investing banking giant’s call was notable given CEO Jamie Dimon’s past comments on bitcoin. Dimon once called the cryptocurrency a “fraud.”

Meanwhile, PwC’s global cryto leader Henri Arslanian told CNBC’s “Street Signs Asia” on Monday that the recent surge in bitcoin to record levels was in part driven by the entry of larger, institutional investors into the market.

— CNBC’s Ryan Browne, Saheli Roy Choudhury and Yen Nee Lee contributed to this report.

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