After reaching a previous all-time high on November 30th, 2020 and December 1st, 2020, bitcoin is now trading well above $20,000 and has surpassed its previous peak price.
Bitcoin’s value has rapidly increased over the past two months. According to CoinMarketCap, you could buy one bitcoin for $11,500 on October 16th.
As I’m writing this post, you can buy one bitcoin for $20,775.72 — it represents a 7.27% increase compared to yesterday’s price. It is now priced well over $20,000 on all major exchanges.
You might remember the bitcoin frenzy from 2017. At the time, Bitcoin nearly reached $20,000 and crashed shortly after. As always, the fact that bitcoin has been going up doesn’t mean that it’ll go up in the future.
This time, the rally seems a bit different as there’s not as much hype around bitcoin. As we’re entering a long economic crisis, some institutional investors are looking for alternative assets — and bitcoin is one of them. Some people could choose to hold their crypto assets for a longer time.
Still, there are a lot of new bitcoin investors who purchased just a fraction of a bitcoin on consumer fintech apps, such as Square’s Cash App, Robinhood and Revolut. Let’s see how the market evolves in the coming months.
Image Credits: CoinMarketCap
Written by Romain Dillet
This news first appeared on https://techcrunch.com/2020/12/16/bitcoin-passes-20k-and-reaches-all-time-high/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Techcrunch+%28TechCrunch%29 under the title “Bitcoin passes $20k and reaches all-time high”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.
