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On Wednesday, Bitcoin surged past $20,000 finally surpassing its previous record set in 2017.

On Wednesday, Bitcoin surged past $20,000 finally surpassing its previous record set in 2017, according to MarketWatch.

As of 2:06 PM on Wednesday, Bitcoin was trading around $20,639.16 up 6.52 percent on the day. There has been a massive surge in cryptocurrencies recently as investors assess their credibility and central banks analyze their advantages.

In October, PayPal announced that it would allow customers to invest in cryptocurrencies and use them for merchant payments. Bitcoin enthusiasts believe that this rally in the cryptocurrency is different than the runup in 2017. Furthermore, they believe that this rally might help the world accelerate the growth and acceptance of cryptocurrencies.

“There is clearly a view in the community that all of this central bank easing provides a bullish case for bitcoin and with the crypto closing in on new record highs and, importantly, $20,000, this could well be the point when it explodes higher into uncharted territory,” said Craig Erlam,  senior market analyst. Bitcoin is trading above its all time high set in 2017 of $19,783.21.

Bitcoin is up over 180 percent year-to-date.

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