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| Bitcoin reached the highest value ever |
Bitcoin's value crossed the $ 20,000 mark for the first time in its history on Wednesday. Cryptocurrency enthusiasts attribute this to the increased demand from institutional investors for the world's most popular cryptocurrency.
According to market data from Coin Metrics, the world's most valuable cryptocurrency is also trading at 5.6%, which equates to a price of around $ 20,600, up over 180% so far.
Bitcoin broke this year. Analysts said: This has been promoted by major investors like Paul Tudor Jones and Stanely Druckermiller, who have converted their assets to digital currencies, while major tech companies such as Square and MicroStrategy have begun to support the use of Bitcoin in their purchases.
"This is a domino effect as wealth managers convert their wallets into Bitcoin," said Charles Hayter, chief executive of CryptoCompare, a crypto market data provider for CNBC.
Bitcoin's record-breaking recent boom reminded many market watchers of a massive rally from around $ 20,000 in 2017. In the second year, Bitcoin's value plummeted to nearly $ 3,000, a sharp decline.
Cryptocurrency predators claim profits for 2020 were far from the highs of 2017. Because the primary impulse is institutional buying rather than personal speculation.
Bitcoin's 12-year history has been punctuated by both dramatic gains and steep declines, and its market remains very murky compared to traditional assets like stocks or bonds.
The boom this year prompted some investors to claim that the price of the cryptocurrency could rise five times its current price, so it could reach $ 100,000 in value, which caught the attention of skeptics: It's pure. My guess. .