The Bitcoin rollercoaster continued its wild ride throughout 2020 The cryptocurrency has grown more than 170% this calendar year alone, breaking through its previous record high to surge past the $20,000 dollar mark
As ever, the question is can Bitcoin push even higher? Or will we see a correction, or even a price plummet? Everything’s possible with Bitcoin, with a similar price trend occurring in 2017 where the last record high was set But this time around – as all things in 2020 have been – it’s different Back then, the crypto market was driven by retail speculation Now, it’s driven by growing numbers of financial and major institutions giving their backing to Bitcoin as a legitimate and worthy investment Most notably in 2020, Paypal and Square joined the Bitcoin Bandwagon, offering users the ability to buy, hold and sell the cryptocurrency
The upward trend has also been linked to the global coronavirus pandemic as Bitcoin and cryptocurrencies became strangely a safe-haven investment choice like Gold Analysts say another contributing factor to Bitcoin’s 2020 growth was the technical ‘halving’ event that saw the rarity of the cryptocurrency increase as the amount of bitcoins awarded to the ‘miners’ split in two As for where Bitcoin goes in 2021, as always there’s plenty of speculation circulating
