About two weeks when we reported on the price of Bitcoin, we talked about the fact that it just crossed the $20,000 mark. This is now history as it has now surpassed an all time high of $34,000.
The cryptocurrency crossed the $30,000 mark on Saturday and rose more that $3000 in just seven hours reaching a new high of $33,136.92, before settling down to fluctuate between $30,000 to $33,000.
It suddenly resumed its climb, rising to $34,544.94 shortly into Day 3 of the new year, before giving back some gains, recently trading at $34,295.11, up 15.09% in the last 24 hours.
In 2020 alone, Bitcoin rose more than 300%, with an almost 50% gain in December alone. In just three days of 2021, the price of bitcoin has risen about $5,000, bringing its year-to-date return to about 12%.
It is said that this recent growth is being propelled by interest from institutional investors but no one seems to know when the rise will stop.
The COVID-19 pandemic, uncertainties in the world economy in 2020 also catalysed the need for the cryptocurrency which is seen by many as the only thing that is not subject to the crisis.
One wonders if the cryptocurrency will not reach $50000 this year.
