With the growing interest from institutional investors, the value of Bitcoin has quadrupled this year. The cryptocurrency's rallying streak continues, reaching a new record of $29,500 on the first day of 2021. Other cryptocurrencies have also surged, with the Bloomberg Galaxy Crypto Index up 270% in 2020.
Compared to the BTC price, which is now at around $29,850, investors would have made more than $3,000 in net gains on a $1,000 investment in Bitcoin made in late December 2019 or early January 2020 when the digital asset was trading for around $7,000.
BTC is trading 24% higher than last week. The first being the fact that Bitcoin is predominantly denominated in USD, and if the dollar weakens, but Bitcoin holds its value, then BTC goes up. Please see our Privacy Notice for details of your data protection rights.
Since crossing the $20,000 threshold on December 16, the currency has gained over $10,000 in value.
Bitcoin has success another milestone, this time contrary to gold bullion, the world's eldest reserve asset.
This isn't bitcoin's first price spike. The virtual currency is now valued at above US$33,000, an all-time high.
"The price of gold doesn't move, it is the Argentine peso that is collapsing".
"So gold and the bitcoin price will move up relative to fiat money, relative to the U.S. dollar".
"The Eth 2.0 upgrade will catapult the network's capability and garner even more attention from enterprises and institutional investors, driving the price of the ether currency to new heights". "This indicates that the present bull market is driven by the staggering amount of illiquidity", they said, adding that more than 1 million BTC has become illiquid in the course of 2020.