Bitcoin price nearly quadruples in 2020. It surpassed this Saturday – for the first time – $ 30,000. It’s a new record ATH!
The world’s most popular cryptocurrency was last up 2.3% at $28,012. It has surged by nearly half since breaking $20,000 for the first time on Dec. 16.
Btc has increasingly seen demand from larger U.S. investors in particular, attracted by its perceived inflation-hedging qualities and potential for quick gains, as well as expectations it would become a mainstream payments method.
Investors said the limited supply of bitcoin – produced by so-called “mining” computers that validate blocks of transactions by competing to solve mathematical puzzles – has helped power upward moves over recent days.
Many recent entrants to the market are holding onto positions, they said.
“The supply side to the bitcoin market will remain tight,” said Jacob Skaaning of crypto hedge fund ARK36.
Other major cryptocurrencies, which tend to move in tandem with btc, were flat. Ethereum, the second-biggest, was down 0.4%, on track for a 2020 gain of around 465%.
Source: Reuters and Globalnews