Bitcoin has blown previous the $20,000 mark and continues to hit record highs as investors flock to the cryptocurrency throughout the coronavirus pandemic.
After topping the symbolic benchmark Wednesday, bitcoin continued to surge late into the night. It was final trading at roughly $21,851, based on data provider Refinitiv.
Bitcoin (XBT) has been on a tear this 12 months, having tripled in worth. It and other cryptocurrencies have been engaging to investors as the US dollar has weakened.
“It isn’t a shock to us that Bitcoin has hit $20K but it’s a very symbolic threshold to reach on the finish of what has been a historic year for bitcoin,” said Michael Sonnenshein, managing director of Grayscale Investments. “These are simply the early days, and we predict there’s much more runway to go.”
With the Federal Reserve expected to leave interest rates near zero for several extra years, bitcoin may continue to win new fans.
Well-known names are including to bitcoin‘s mainstream appeal. A high executive at BlackRock (BLK) has even stated the cryptocurrency can replace gold, and funds giants Sq. (SQ) and PayPal (PYPL) have each embraced bitcoin.
“Volumes final week had been 70% above the year every day average … suggesting greater participation on this rally than has historically been the case,” said James Butterfill, funding strategist at CoinShares. “It’s value taking note that traders are beginning to see bitcoin as a viable gold various.”