Bitcoin approached $20,000 in 2017 and finally topped the mark in 2020. The largest cryptocurrency is on a record breaking spree. Bitcoin surged past $27,000 on Sunday. On Binance, the largest cryptocurrency exchange by trading volume, Bitcoin was trading at $ 27,248 at 11:39 a.m., as per the Indian time. Bitcoin has touched a 24-hour high of $27,555. It had hit the $26,000 level for the first time on Saturday. In the last 24 hours, Bitcoin has gained close to 11%.
Binance shared an interesting tweet where it wrote, Bitcoin hit 24k ($24,000) on 24th (December), 25k on 25th, 26k on 26th and 27k on 27th. It ends the tweet with to ‘Continue (the trend) below’. Here is the tweet:
Bitcoin smashed through $20,000 for the first time on December 16, its highest ever. Bitcoin, worth less than $1 back in 2010 when it was touted as currency for purchases, is now amassing proponents who argue that its strictly controlled supply and wider investor base show it’s become a store of value. Critics, however, say this year’s rally is a bubble that can’t be supported by claims that digital assets should diversify portfolios and take flows from gold.
The cryptocurrency was designed to operate as a digital version of cash that would be outside the control of governments or banks. Its software runs on a network of linked but independent computers. Anyone can download and run the program and become part of the network, but no party has control to make unilateral changes.