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Bitcoin Hits All Time High $28,288: What’s Next?

On 17th December, Bitcoin surged past $20,000 and on 27th December reached *$28,288(coinmarketcap), a new all-time high smashing last month’s record. The new high took Bitcoin’s market cap to $500 billion. Bitcoin values have risen by more than 450 percent this year from a low point of around $3,600 in March, when the coronavirus pandemic sparked a deep sell-off in the world’s capital markets.

This year, Bitcoin has been on a roll. As per Yahoo Finance, big-name investors such as Paul Tudor Jones and Stanley Druckenmiller moved their own money into the cryptocurrency, while technology corporations such as Square and MicroStrategy used their own balance sheets to acquire Bitcoin. 

 

Source: Coinmarketcap

Companies like PayPal open the door to the willingness of consumers and retailers to use PayPal not only to purchase and sell crypto, but also to use crypto as part of their trade. ″$20,000 is undoubtedly a momentous milestone for Bitcoin,” said Yoni Assia, CEO and co-founder of online investment platform eToro.

Most cryptocurrency trading platforms say this is the first time $20,000 has ever been reached by Bitcoin, while CoinMarketCap listed the 2017 high at $20,089, and crypto exchange BitMEX had it at $20,093. The explanation for the difference is that cryptocurrencies can be purchased and sold on several different exchanges and the exchanges can vary in the price they list; many of them offer a blended average of market rates from multiple markets, unlike stocks that are listed on a single exchange at a single price. But both exchanges agree that a new all-time high is marked on Wednesday.

Ayush Ansal, the chief investment officer of Crimson Black Capital, a hedge fund, said to Guardian that public interest in Bitcoin would be renewed over Christmas. “After being in a wasteland since the infamous bull run of late 2017, crypto, and Bitcoin in particular, are back.

“Bitcoin has been threatening the symbolic $20,000 barrier for some time and finally it has broken through.”

 

* Updated Bitcoin price (28th December)

 

Image: 3D Animation Production Company

*Disclaimer: Fyggex, does not give any guidance, advice or recommendations to neither invest or not in any available normal currency or cryptocurrency directly or indirectly via any trading platform, exchange or provider. Our sole purpose is to make you aware of the related real or potential risks and opportunities so that you can make your own research prior to any financial decisions you may want to take. Past performance and position are not a guarantee of risk-free future returns.

Sources

www.cnbc.com/2020/12/16/bitcoin-breaks-above-20000-for-the-first-time-ever.html

finance.yahoo.com/news/bitcoin-tops-20-k-breakthrough-price-milestone-for-the-largest-digital-asset-135308475.html

markets.businessinsider.com/currencies/news/bitcoin-hits-record-high-20000-wall-street-whales-investors-boost-2020-12-1029899076

www.theguardian.com/technology/2020/dec/16/bitcoin-price-hits-all-time-high-of-more-than-20000

coinmarketcap.com/currencies/bitcoin/