Bitcoin, the world’s largest digital currency in terms of market capitalization has made history today as it has registered a record-breaking achievement. For the first time in the entire history of Bitcoin, its price value has surged above the figure of $20,000. Today is the day of celebrations for the Bitcoin community who has been anxiously waiting for the flagship cryptocurrency to reach this milestone and the job has finally been done.
Bitcoin Records Fresh All-Time High
The top-ranked digital currency Bitcoin has recorded a new all-time high value by surpassing above the significant price figure of $20,000. Earlier today, Bitcoin rapidly moved upward and went as high as to reach $20,817.80 at around 9:15 a.m. The leading digital currency has recorded a price rally of nearly 10 percent within the duration of just 24 hours to hit this milestone. At the press time, the price value of the coin is up by more than seven percent while trading at around $20,700.
In order to reach this fresh all-time high value, Bitcoin has posted a Year-to-Date (YTD) price gain of nearly 190 percent since the beginning of the present year. Bitcoin has also performed well since the time it faced a price crash in the mid of March when it went down below $4,000. It has recorded a price rally of around 440 percent since that price crash.
The cryptocurrency community has responded positively to this achievement of Bitcoin. Commenting on this bull run of Bitcoin, the Chief Executive Officer (CEO) of the cryptocurrency lending platform BlockFi Zac Prince said that they were already expecting Bitcoin to reach this milestone. “It feels good to see the market validation of all the hard work that this industry has put in over the last few years/decade. It’s still early. It’s gonna be a lot higher this time next year,” he added.
Can Bitcoin now Reach $1 Trillion in Market Cap?
Alongside recording an all-time high in price value, the dominant digital currency has also recorded a new all-time high in terms of market capitalization as well. As per the data from CoinMarketCap, the market capitalization of Bitcoin has surged high to $386 billion for the first time.
As Bitcoin has finally achieved the $20,000 breakout, can it now reach $1 trillion in market capitalization? A few weeks ago an analyst from Bloomberg predicted that the $20k level was the primary hurdle that was preventing Bitcoin from reaching $1 trillion in market cap. Now, this hurdle has successfully been broken by the coin.