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Bitcoin has grown exponentially since it first entered a four-digit value in 2013.
Bitcoin jumped over $ 850 – or 5% – to hit $ 18,238.20 on Sunday, hitting an all-time high of $ 19,666 recorded this week. The recent gains in the virtual currency are part of a broader bull run that began last month after US-based online payment company PayPal allowed its customers to use Bitcoin on its network. It was last seen trading up over $ 800 to $ 18,173.70 on November 29, 2020. (Read also: Bitcoin hits $ 19,000 for the first time in three years, an all-time high)
Most other cryptocurrencies have followed suit. Among the major competitors, Ethereum (ETH) was up 5.11% to $ 556.16, XRP was up 6.83% to $ 0.62688, and Cardano (ADA) was up 0.24% to $ 0 , 169106.
Bitcoin has grown exponentially since it first entered a four-digit value in 2013. It has rallied over 130 digits this year, fueled by demand for riskier assets. (Also Read: Bitcoiners Who Have Lost Rally Express Relief and Regret)
The perceived quality of cryptocurrency as a hedge against inflation and mainstream acceptance expectations have attracted institutional and retail demand.
Bitcoin’s rally in 2020 has drawn momentum from strong appetite for riskier assets following unprecedented government and central bank stimulus measures to combat the impact of the COVID-19 pandemic and its reputation for being inflation-proof .
Major central banks around the world are considering whether to allow the issuance of digital currencies. A bitcoin, similar to any other real-world currency, is the equivalent of cash, but in electronic form.
Like a banknote or coin, it gives its holder a direct right to the central bank, bypassing commercial banks and offering a greater level of security as a central bank can never run out of the currency it issues.
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