Bitcoin is on a record-breaking run, rising by more than 400 per cent in price since March to hit a new all-time high on 17 December.
The notoriously volatile cryptocurrency reached above $23,000 on Thursday, having traded below $5,000 just nine months ago.
Other major cryptocurrencies have also experienced considerable gains during this time, including Ethereum (ether), Ripple (XRP), litecoin and bitcoin cash.
Follow all the latest updates, price predictions and market analysis here.
The massive flash crash on Monday has market analysts wondering whether this is the end to the latest price rally or just a blip at the beginning of the third great bull run in bitcoin’s history.
We’ve spoken to market analysts and cryptocurrency experts to find out if there is a consensus.
Anthony Cuthbertson4 January 2021 18:11
Bitcoin has recovered slightly from the biggest single price drop in its history, which came just hours after hitting a new all-time high.
The cryptocurrency is back trading above $30,000 and appears to have stabilised somewhat from the wild price swings that took it above $34,000 and below $29,000 over the last 24 hours.
Sergey Nazarov, co-founder of blockchain firm Chainlink, told The Independent: “With bitcoin having broken $30,000, I think it’s very likely that the asset will eventually pass $100,000 per coin.�
Anthony Cuthbertson4 January 2021 17:58
After hitting a new all-time high on Wednesday, the price of bitcoin continued to rise on Thursday to $23,586.
A mini flash crash has since knocked around $1,000 from the cryptocurrency’s value but it continues to trade above $22,000, according to CoinMarketCap.
(CoinMarketCap)
It represents a 20 per cent gain in just 24 hours, which is all the more remarkable when considering how much one bitcoin was worth back in March.
Rising from below $5,000, bitcoin has seen a nearly 500 per cent gain over the last nine months.
Anthony Cuthbertson17 December 2020 11:13
Snowden’s take on bitcoin
Here’s what the world’s most famous whistleblower has to say about the fortunes of the US dollar compared to cryptocurrency.
Anthony Cuthbertson7 December 2020 17:12
Stability reigns
The price of bitcoin has remained relatively stable over the weekend, hovering between $19,000 and $19,500.
Meanwhile, the US dollar hit its lowest level since April 2018. Some experts have also predicted 2021 to be a bad year for fiat currency.
Anthony Cuthbertson7 December 2020 10:09
Bitcoin rally continues
More gains overnight mean bitcoin is now trading close to $19,500.Â
The cryptocurrency is less than a couple of hundred dollars away from the all-time high it reached last week. It means that nearly anyone who has ever invested in bitcoin in its 10+ year history – and still holds it – has either broken even or made money.
Speaking of investment, a new report by the deVere Group has found that two-thirds of millennials prefer bitcoin to gold as a safe-haven asset. Here’s what deVere Group CEO Nigel Green has to say:
From Ancient Egypt onwards gold has always had immense value and has long been revered as the ultimate safe-haven. It’s always been a go-to asset in times of political, social and economic uncertainty as it is expected to retain its value or even grow in value when other assets fall, therefore enabling investors to reduce their exposure to losses.
But, as this survey reveals, bitcoin could be dethroned within a generation as millennials and younger investors, who are so-called ‘digital natives’, believe it competes better against gold as a safe-haven asset.
As the world continues to shift towards tech and as millennials become a more dominant part of the world economy, we should expect bitcoin to also take an increasingly influential role in financial markets, especially in regard to being a ‘recession-proof’ asset
Nigel Green, CEO of financial advisory firm deVere Group
Anthony Cuthbertson4 December 2020 08:54
New all-time high in sight
Bitcoin is once again approaching an all-time price high, rising 2 per cent over the last 24 hours to $19,400.
Ripple (XRP) and Ethereum (ether) are also up by a couple of per cent, building on massive gains over the last few months.
Ripple CEO Brad Garlinghouse appeared on CNN to give his take on a “wild year� so far.
Anthony Cuthbertson3 December 2020 15:01
Bitcoin investment up 221% in November
Bitcoin continues to hover around the $19,000 mark, offering a bit of respite to take stock of the gains it has made over the last month.
The cryptocurrency was trading at $13,000 at the start of November, meaning it rose by more than a third in value over just 30 days.
While analysts say the majority of these gains were made thanks to increased institutional investment, retail investors also significantly increased their trades in November, according to newly released figures from online trading platform eToro.
Bitcoin investment was up 221 per cent compared to October, while Ripple (XRP) saw more than 1,000 per cent gains.
(eToro)
Anthony Cuthbertson2 December 2020 12:04
Market dips but remains steady
The price of bitcoin has taken a slight tumble, dipping below $19,000.Â
It represents a 1 per cent dip over the last 24 hours, and the same amount over the last week. Traders and investors will likely welcome a moment of relative calm.
Anthony Cuthbertson1 December 2020 19:37
Bitcoin now worth more than world’s largest investment bank
Bitcoin continues to trade near to its all-time high this morning, priced between $19,400 and $19,500 on all major exchanges.
The cryptocurrency’s overall market cap also reached record highs yesterday, pushing above $360 billion for the first time in its history.
This makes bitcoin the 18th most valuable asset in the world, moving ahead of the world’s largest investment bank, JPMorgan Chase.
(CompaniesMarketCap)
Anthony Cuthbertson1 December 2020 07:51
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