Bitcoin Price Reaches Novel Feats

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Bitcoin prices hit an all-time high of $20,000, after nearly 3 years of such record high evaluations. On Monday, the value of one bitcoin was $19850.11. The demand for bitcoin witnessed an overall surge in the month of November owing to enhanced investor interests in the digital asset. This all-time-high is another change in the very eventful trajectory of the cryptocurrency.

Highest Evaluation Since 2017

The world’s largest cryptocurrency rallied at about 8.7% to reach this all-time-high. Bitcoin has witnessed a very eventful trajectory of development over the years. Conceived by an anonymous developer as the new digital modality of payment that would inevitably revolutionize the global financial order, bitcoin was invented in 2008. The last time bitcoin evaluation closed the $20,000 mark was in December 2017. However, this was not followed by favourable outcomes, as the cryptocurrency crashed soon after- losing a quarter of its value in a single day.

2020 has initiated a different era. The value of the cryptocurrency has risen by 170% since January. Global banks have been driving borrowing rates to record low levels, and the Covid-19 pandemic has added to the vigour of the cryptocurrency’s growth. The price also demonstrates amplified volatility, culminating to a record high on the 30^th of November. Tyler Winklevoss, a venture capitalist and one of first known bitcoin billionaires has gone on record expressing his belief that bitcoin valuation will keep increasing in future, eventually making a single bitcoin worth $500,000. He tweeted “Onward and upward we go to the moon!” referring to this all-time-high.

Connected Augments

Edward Moya, a senior market analyst at a foreign exchange company, Oanda, commented on this new development stating, ‘bitcoin and all the major altcoins are rallying strongly, and it seems the momentum trade is strengthening as mass media outlets embrace crypto coverage.” Bitcoin evaluation hike was accompanied by a rise in shares prices of companies with cryptocurrency exposure including Marathon Patent Group Inc. and Riot Blockchain Inc. Each of these ventures recorded a rise of almost 22%. Similarly, MicroStrategy Inc., a software company that has been buying Bitcoin, added 20%.