Bitcoin’s price reached a new all-time high on Christmas Day. This surpasses the intraday record that was set five days ago. All bitcoin currently in circulation now has a value of $452 billion.
The most widely used cryptocurrency in the world surged as high as 4.2%. It reached a record $24,661 per coin on Friday. Bitcoin prices plummeted by nearly $3,000 earlier this week as the SEC enforced XRP and profit-taking in large volumes dragged down prices.
This new record is the culmination of a year of gains in the most valuable cryptocurrency in the world. Today’s rally has nearly tripled its year-to date gain, almost five times more than the March lows
There seems to be no single event that has pushed bitcoin’s prices to break new records every week. The price rebound in 2020 is a far cry from bitcoin’s initial run-up in 2017/early 2018. When Bitcoin became a household investment, the retail investors who set records three years ago are responsible. It is this that the price plummeted by more than 80 percent soon after.
Wall Street Billionaires Make it Different
This is a significant turn-around, with a growing interest from wealthy investors and deep pocket companies. More Wall Street institutions are beginning to view Bitcoin as an anti-inflation asset and safe haven in these uncertain times. This has driven demand up.