Bitcoin, the most popular cryptocurrency in the market, crosses another milestone as it shoots past the $28,500 milestone by the end of 2020. Institutional investors and market analysts argue that the value of this cryptocurrency has approximately quadrupled this year reaching a record high of $28,500 and more.
This Wednesday was a day of growth for this cryptocurrency. Its value was up by 5% on that day and it hit the exact figure of $28,572. According to available data, the value is up by almost 47% since the beginning of December, 2020. This cryptocurrency had earlier hit such monthly gains back in May, 2019. But analysts argue that it will soon surpass that figure if it continues to rally in this pace. Another noteworthy improvement in the field of cryptocurrency is that institutional investors have started taking an interest in Bitcoins.
Bitcoin Gains Prominence As US Dollar Value Diminishes
During the dicey months of lockdown and global economic shutdown, the value of the dollar had taken a hit. It is during this time that Bitcoin started gaining prominence in the market. As the country tussled with uncertainty regarding the coronavirus stimulus checks, this alternative currency started gaining ground as a lucrative investment opportunity.
This Wednesday also marked the day when the US Dollar hit its lowest level since 2018 April. As the major currency starts to diminish in value, institutional investors and even retail investors start to shift towards more riskier propositions. There has been a lot of talk regarding this cryptocurrency in the ongoing year. Analysts argue that the large bets placed on Bitcoins now are likely to give huge returns once the vaccines for the coronavirus roll-out by next year. Many are of the opinion that Bitcoin will become a part of the mainstream payment methods by next year following PayPal’s decision to incorporate Bitcoin in its platform trading service.