Bitcoin Surpasses $19,000 Mark, Edging Closer to a Record High
On Tuesday, Bitcoin was well above $19,000 and on track to break its record high, according to CNBC.
The cryptocurrency has been surging in recent months. As of 9:50 AM ET on Tuesday, the price of Bitcoin was $19,406. The demand for crypto has increased for several reasons. First, many individuals that received money from the fiscal stimulus package got into investing, specifically in cryptocurrency. Additionally, well-known investors such as Paul Tudor Jones and Stanley Druckenmiller have shown interest in the crypto market.
Bitcoin is up more than 150 percent in 2020. The well-known crypto's all-time high, set in December 2017, is $19,783. However, after hitting that mark the Bitcoin bubble burst and the cryptocurrency fell to $3,122 the following year.
Advocates for cryptocurrency believe this rally is different. Finance giants such as Fidelity, Square, Paypal, and others have started letting individuals buy, hold, and sell virtual currencies. Paypal has plans to enable shopping with cryptocurrency early in 2021.
The total number of bitcoins that will be produced is set at 21 million. Bitcoin surged past $15,000 on November 5 and $18,000 on November 19. The cryptocurrency's market value is now at $355.9 billion.
Is this another bubble or is the world finally coming around to the concept of cryptocurrency?