- Bitcoin jumped to a record high of $ 23,770.85 on Thursday as its 2020 high-pay rally continues.
- The climb brings the ticket’s year-to-date earnings up 200% and comes just a day after it first traded above $ 20,000.
- The cryptocurrency has enjoyed strong momentum throughout the year as analysts, institutional investors, and financial services firms turn increasingly bullish on its use.
- Watch bitcoin trade live here.
Bitcoin climbed to its highest level on Thursday as the cryptocurrency’s remarkable 2020 momentum continued through the end of the year.
The world’s most popular cryptocurrency jumped to a 24-hour high of $ 23,770.85 on Thursday, indicating a 20% gain over the past day. The climb comes just days after bitcoin first hit $ 20,000, and brings ticket-t0-date earnings up 200%.
Bitcoin advocates have noted that the adoption of cryptocurrencies among institutional investors and financial services companies is a big boost to the ticket this year. Investment giants including Paul Tudor Jones and Mike Novogratz praised the cryptocurrency earlier this year in anticipation of larger gains ahead. The ticket rally accelerated in October after PayPal announced it would allow consumers to buy, sell and hold cryptocurrencies.
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Since bitcoin traded above its record in 2017 at the beginning of December, major banks have also warmed to the token as an alternative to popular hedge assets such as gold. JPMorgan strategists said Tuesday that institutional investors’ growing interest in bitcoin will pull money out of gold in the long run.
Scott Minerd of Guggenheim said Wednesday that based on the limited supply and value of the ticket compared to gold, bitcoin should be worth $ 400,000.
The ticket rally is a “justification” for investors who rode its famous boom and bust in 2017, said Edward Moya, a senior market analyst at Oanda.
“It must be said that the importance of breaking this key level on the last full trading week of the year could be considered very bullish for cryptocurrencies,” he added.
The cryptocurrency matched some earnings on Thursday morning and hovered around $ 23,200 as 8:40 am ET.
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