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.
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.
Feature image by Haber Burada from flickr