Bitcoin Jumps to Record $28,600 as 2020 Rally Reaches New Heights

Bitcoin has surged by nearly half since breaking $20,000 (roughly Rs. 15 lakhs) for the first time on December 16.

Share on Facebook Tweet Snapchat Share Reddit Comment
Bitcoin Jumps to Record $28,600 as 2020 Rally Reaches New Heights

The latest gains took bitcoin's market capitalisation past $518 billion (roughly Rs. 37,93,300 crores)

Highlights
  • Bitcoin has increasingly seen demand from larger US investors
  • Other major cryptocurrencies were flat
  • Ethereum, the second biggest, was down 0.4 percent

Bitcoin on Wednesday jumped to a record $28,599.99 (roughly Rs. 21 lakhs), after the digital currency almost quadrupled in value this year amid heightened interest from bigger investors.

The world's most popular cryptocurrency was last up 2.3 percent at $28,012 (roughly Rs. 20.5 lakhs). It has surged by nearly half since breaking $20,000 (roughly Rs. 15 lakhs) for the first time on December 16.

Bitcoin has increasingly seen demand from larger US investors in particular, attracted by its perceived inflation-hedging qualities and potential for quick gains, as well as expectations it would become a mainstream payments method.

Investors said limited supply of bitcoin, produced by so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles, has helped power upward moves over recent days.

Many recent entrants to the market are holding onto positions, they said.

"The supply side to the bitcoin market will remain tight," said Jacob Skaaning of crypto hedge fund ARK36.

The latest gains took bitcoin's market capitalisation past $518 billion (roughly Rs. 37,93,300 crores), according to industry website CoinMarketCap.

Other major cryptocurrencies, which tend to move in tandem with bitcoin, were flat. Ethereum, the second biggest, was down 0.4 percent, on track for a 2020 gain of around 465 percent.

© Thomson Reuters 2020


Is Mi QLED TV 4K the best affordable smart TV for enthusiasts? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Further reading: Bitcoin
Samsung Galaxy Note 10+, Galaxy Note 10 Receiving Stable Android 11-Based One UI 3.0 Update: Report
App Spending on Christmas Grew 35 Percent to $407 Million Globally: Sensor Tower

Related Stories

 
 

Advertisement

Advertisement

© Copyright Red Pixels Ventures Limited 2021. All rights reserved.
Listen to the latest songs, only on JioSaavn.com