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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.

https://twitter.com/Bitstamp/status/1333422656113287171

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:

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

Andrew is a law student currently studying at UNISA, and Global Crypto's in-house reporter. Andrew discovered blockchain in his final year of school and since developed a keen interest in the subject. He appreciates a good cup of coffee. When he is not too busy with work or studies, he enjoys playing a good round of golf.