The world’s most prominent cryptocurrency, Bitcoin on February 8 set a fresh record for 2020, rising as much as 2.6 percent to breach the psychological $10,000 mark. It hit $10,179, taking total gains so far this year to nearly 40 percent.
As per Bloomberg, Michael Sonnenshein, managing director at Grayscale Investments said, “There’s certainly a narrative in the investment community that Bitcoin is solidifying its place as a store of value, a flight to safety, inflation hedge.” He also added that the upcoming halving that will happen in May could also have an impact on the token’s price.
Bitcoin had previously peaked at almost $20,000 in December 2017 and finished that year up about 1,400 percent. That was also the year that the cryptocurrency gained a mainstream status in the global market. However, it plunged by 74 percent in 2018 but rebounded almost by almost 100 percent in 2019.
The cryptocurrency is expected to rise through the second quarter of this year to trade in a range of $10,000 to $11,000.