Bitcoin Price Rockets Past $20,000 for the First Time Ever

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Bitcoin price has risen above the $20,000 mark for the first time ever. The world’s most-valuable cryptocurrency went as high as $20,600, according to Coin Metrics.

This new milestone comes just 5 months after it crossed the $10,000 mark. With its new price, Bitcoin has now seen year-to-date gains of more than 180%.

According to crypto enthusiasts, the increased demand for Bitcoin from institutional investors is the main driving force behind the price increase.

Bitcoin Price Rockets Past $20,000 for the First Time Ever

Bitcoin on Rockets

At the beginning of the year, Bitcoin was trading close to $10,000 but the pandemic struck and its number dropped to as low as $5,678 for some weeks in March.

Since then, the price has risen steadily to break records and hit major milestones. First, it hit the $10,000 benchmark in July and has now double the number by crossing the $20,000 mark.

The only time the coin has been close to the $20,000 benchmark was in 2017 during the monster rally.

In 2017, Bitcoin had a sharp fall back to about $3,000 after rallying close to $20,000. Analysts have, however, predicted that the same won’t happen this year. PlanB expects BTC to hit the $100,000 mark by the end of 2021.

“Somewhere between and year and a year-and-a-half after the [May 2020] halving, so say before Christmas 2021, bitcoin should be, or should have been above $100,000,” 

PlanB told Global Macro Investor founder Raoul Pal.

In Summary

With big techs like PayPal, Microsoft and AT&T already accepting bitcoin, the solidity and popularity of the world’s most popular coin are firmer than ever.

Like analysts have predicted, confidence in bitcoin is at an all-time high and it could further push the price of Bitcoin to break even more records.

https://technext.ng/2020/08/27/top-5-interesting-facts-about-bitcoin-which-many-people-might-not-know/


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