Bitcoin price spikes to nearly $20,000 with an upsurge in demand

By Nikita Chaurasia  Date: 2020-12-02

Bitcoin price spikes to nearly $20,000 with an upsurge in demand

Nearly three years after hitting a record price of almost $20,000, the price of bitcoin has again struck the same all-time-high figure. According to a bitcoin price index, CoinDesk, the price of one bitcoin was reportedly recorded to be $19,850.11 on Monday afternoon but fell back to about $19,223 the same evening.

According to Edward Moya, an Oanda Senior Market Analyst, bitcoin and all the prominent altcoins are witnessing a strong growth as the trade momentum shows considerable reinforcements owing to crypto trends being covered by mass media outlets.

Invented in 2008 by a still anonymous person, the inception of bitcoin has encouraged several get-rich-quick schemes with many imitators hoping to enter the financial world. This has also resulted in substantial environmental damage as the computing power deployed for mining new bitcoins by resolving intricate mathematical puzzles is corresponding to small countries.

Over years, the cryptocurrency has also withstood huge price swings, even as its fans continue to insist that it will alter the conventional financial world. In view of the surging role of bitcoin in the global financial system, first publicly recognized bitcoin billionaire and venture capitalist, Tyler Winklevoss, quoted that he believes that a single bitcoin could eventually cost around $500,000.

The month of November witnessed substantial spikes in the demand for bitcoin with prices increased by almost 170 per cent in 2020. The last time the cryptocurrency had reached the $20,000 mark was in December 2017, it spectacularly crashed, losing a fourth of its price in a single day, and then fell down to $4,000 in the later period of 2018. That still signified a dramatic surge in value as compared to the prices measured in terms of hundreds of dollars in 2016, and merely cents in 2008.

Bitcoin uses a decentralized ledger technology called blockchain, which is deployed for the recording and verification of transactions, has witnessed volatile price swings throughout its short lifespan.

Source credit: https://www.theguardian.com/technology/2020/nov/30/bitcoin-price-hits-all-time-high-of-almost-20000

About Author

Nikita Chaurasia     aeresearch.net

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More

More News By Nikita Chaurasia

Apple unveils 16-inch MacBook Pro with high-performance M1 processors

Apple unveils 16-inch MacBook Pro with high-performance M1 processors

By Nikita Chaurasia

Tech giant Apple, Inc. has recently unveiled the 16-inch MacBook Pro, which promises extraordinary design and performance. The model can be customized with the all-new M1 Pro and M1 Max processors.    These new 10-core processors are ...

Kedrion Biopharma expands to North America with Prometic acquisition

Kedrion Biopharma expands to North America with Prometic acquisition

By Nikita Chaurasia

Prometic Life Sciences has developed the first FDA-approved treatment for Congenital Plasminogen Deficiency. This acquisition will enable easy access to advanced therapies for patients suffering from this rare disease. Kedrion Biopharma Inc. has...

Facebook Pages to reduce focus on Likes and followers for Indian users

Facebook Pages to reduce focus on Likes and followers for Indian users

By Nikita Chaurasia

Facebook Inc. has reportedly removed Likes from Facebook Pages for its Indian users to make the platform more user-friendly and easier to understand. This redesign of Facebook Pages was launched in January 2021 and has been rolled out for Indian user...

Merchant commerce platform Pine Labs eyeing USD 1 Bn Nasdaq listing

Merchant commerce platform Pine Labs eyeing USD 1 Bn Nasdaq listing

By Nikita Chaurasia

India is likely to witness a record number of IPOs this year, with several companies eyeing public listing to raise funds if the market sentiment remains positive. One such company, Pine Labs is reportedly planning to list itself on Nasdaq by October...

European climate group asks EU for tougher CO2 targets for truck makers

European climate group asks EU for tougher CO2 targets for truck makers

By Nikita Chaurasia

According to a recent study conducted by Europe’s Transport and Environment (T&E), the European Union (EU) should implement stricter CO2 targets for truck makers to swiftly transition to zero-emission models as present goals do not provide ...