Another huge milestone for Bitcoin as the value of the cryptocurrency rises to $19,850.11 on Monday
It was only a couple of weeks ago Bitcoin reached a 2020 high of $16,718 that took the industry by surprise, since most experts were expecting the price of Bitcoin to cool down.
Judging by the new value of Bitcoin, it seems that the value will not cool down anytime soon. As at 1st December 2020 Bitcoin is now valued at around $19, 498.84, with the price slightly dropping from yesterday’s value of $19,850.11. An impressive milestone for the cryptocurrency.
The month of November saw the demand for Bitcoin rise due to institutional investors backing the crypto currency. Furthermore, the month of November saw Chipper Cash, a Jeff Bezos backed company, launch a new cryptocurrency trading platform due to high demand, especially in Bitcoin.
Tyler Winklevoss, the first publicly identified bitcoin billionaire, thinks that the price will definitely continue to rise and eventually be worth $500,000 as it is becoming increasingly popular within global financial systems.
Additionally, a senior market analyst at Oanda, named Edward Moya, had his say regarding Bitcoin and other altcoins:
“Bitcoin and all the major altcoins are rallying strongly, and it seems the momentum trade is strengthening as mass media outlets embrace crypto coverage.”
The year 2020 is certainly a historic year for Bitcoin, as the value of the cryptocurrency has risen by about 170%. The question is whether Bitcoin will continue to surge in price, if it will eventually level at the $20,000 mark, or maybe even fall in price.
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