The price of Bitcoin exceeded $20,000 and set a new record. The price of Bitcoin surpassed the amazing $20,000 mark on Wednesday morning. After reaching $20,820, setting a new record and another milestone so far in 2020. The new high brought bitcoin market capitalization to $384 billion.
The price of Bitcoin exceeded $20,000 and set a new record
Bitcoin had already passed its peak in December 2017, when it exceeded $19,800, but its price changed drastically in the following days, making the $20,000 figure seem unattainable.
Most cryptocurrency exchange sites claim that this is the first time that bitcoin reaches $20,000, although CoinMarketCap registered a peak in 2017 of $20,089, while the BitMEX site set it at $20,093.
The reason for this variation is that, unlike stocks, which are quoted on a single exchange at a single price, cryptosystems can be bought and traded on many different exchanges, and these can vary in the price they quote; So many pages show a combined average between the prices traded in different sites. However, all of them now coincide with the new record set by this crypto money.
So far in 2020, Bitcoin has seen a 190% increase, making it clear that its popularity wasn’t a passing thing and that it’s stronger than ever.
Why did Bitcoin rise?
Among the main players, this year Wall Street investment funds and renowned investors made public small positions in bitcoin, which meant the entry of the crypto money into the world of traditional investors.
Also, in October the firm Square announced a new method and enabled its CashApp wallet for bitcoin payments. Finally, that same month, PayPal said it was also working to use assets as a means of payment on its platform.
