The dreadful wait has officially come to an end. After three long years, Bitcoin has finally breached the all-time high, as set in December 2017. Bitcoin surpassed the previous all-time high price of $19,666 (Bitstamp) on 30 November 2020 by tapping $19,864, unfortunately failing to surpass the much anticipated $20,000 mark. The price of Bitcoin, at the time of writing, remains steady at $19,500.
Over the last three years, Bitcoin has experienced a prolonged bear market, leading many investors to lose hope, not only in Bitcoin, but in the crypto market as a whole. The majority of the Altcoins have lost up to 90% of their value during this period.
2020 has, however, reunited the crypto industry. Bitcoin has shown tremendous growth during the latter part of the year. Growing from a yearly low in March of around $3,860 to breaking All Time Highs in November. Bitcoin is currently up more than 400% from the COVID-19 induced lows in March.
Popular crypto portfolio management app, Blockfolio, noted that the November 2020 monthly candle is the largest, and highest, monthly green candle in history of Bitcoin:
Bitcoin just made its largest, and highest, monthly green candle in history.
— Blockfolio (@blockfolio) December 1, 2020
It is believed that institutional FOMO has been adding fuel to the fire, driving Bitcoin prices to record highs. Guggenheim Partners, a $275 billion investment firm, recently filed an SEC amendment to allocate nearly $500 million from its Macro Opportunities fund, and invest it in the Grayscale Bitcoin Trust (GBTC). This year alone, MicroStrategy, has purchased nearly 40,000 BTC, boasting massive profits.