Bitcoin surpassed $20,000 for the first time, another milestone in this controversial digital asset’s dramatic surge this year. The world’s largest cryptocurrency rose by as much as 7% in New York trading on Wednesday to $20,787 (A$27414). The derided forecast a few months ago was confirmed and led to higher forecasts. Bitcoin has almost tripled this year.
Antoni Trenchev, the co-founder and managing partner of Nexo, a crypto lender, said: “We have a new trend line, and the focus is shifted to the next round mark, $30,000.” This is the beginning of a new chapter in Bitcoin. Mainstream media and retail investors can pay attention to it, because retail investors are obviously absent in this round of gains. “
In March, the price of Bitcoin fell sharply. In the coronavirus pandemic, Bitcoin fell by 25%, but now Bitcoin has soared. Proponents have realized that Bitcoin can serve as a wealth reserve when the central bank prints a large amount of money when inflation is not serious.
The price of Bitcoin broke $20,000, marking the second major milestone in recent weeks-Bitcoin hit a three-year high at the end of November. QMA portfolio manager and managing director Ed Campbell said: “People tend to flock to momentum trading, so Bitcoin may have more room for upside.
