Bitcoin Rises Above $20,000

The value of the world’s most famous cryptocurrency Bitcoin reached its all-time high of more than $20,000 on Wednesday afternoon, extending a winning streak over the last few months amid growing interest among big investment firms attracted to its potential for quick gains.

The value of the world’s most famous cryptocurrency Bitcoin reached its all-time high of more than $20,000 on Wednesday afternoon, extending a winning streak over the last few months amid growing interest among big investment firms attracted to its potential for quick gains.

The Bitcoin rose over 6 percent to reach $20,632 against the US dollar. The price of the cryptocurrency has surged by more than 400 percent this year from a low point of around $3,600 in March, when the COVID-19 pandemic triggered a deep sell-off in financial markets all across the world.

Different analysts have been pointing out that unlike in previous surges, a significant price driver appeared to be more institutional investors buying into the Bitcoin.

“They’re being attracted by the good returns that the digital asset class is currently offering but, more importantly, by the huge future potential it offers. As some of the world’s biggest institutions – among them multinational payment companies and Wall Street giants – pile ever more into crypto, bringing with them their enormous expertise and capital, this in turn swells consumer interest,” chief executive of deVere Group Nigel Green said in a statement.


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