When we talk about cryptocurrencies, bitcoin is the first name that comes to our mind. The coin has been known for its sharp ups and downs in the market. So, keeping on convention, it again hit a new record high on Monday with a value of $19,850 by surging up almost 7-8%.
Bitcoin was approaching $20,000 amidst the skepticism over the intense rally of the cryptocurrency. The digital asset fell for the second day on December 2, 2020, experiencing a 1.2% drop, and it now stands at $18,802.
Bitcoin’s previous record was set to $19,783.21 that it achieved in December 2017. While it kept on showing fluctuations since then, it never made it to that high again until this Monday, about after three years. This was undoubtedly shocking and good news for the investors because Bitcoin fell sharply just last week.
On the other hand, 2020 has proven to be another “Bitcoin” year, as it has seen the coin grow by approximately 170%. The gain is mostly due to the increasing demand for riskier asset investments. Even BlackRock CEO, Larry Fink, said that “Bitcoin can possibly develop into a global asset.” All these factors may bring in more people towards mainstream acceptance of cryptocurrencies.
Apart from Bitcoin, other coins have also evolved significantly recently. For example, Ethereum has gained 3.2%, while XRP has gained 6.7%. However, being smaller coins, their value still remains much lower than that of Bitcoin.