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

Indian food delivery giant Swiggy to buy Dineout from Times Internet

Indian food delivery giant Swiggy to buy Dineout from Times Internet

By Nikita Chaurasia

Swiggy, an Indian food delivery giant, has recently announced an agreement with Times Internet to buy Dineout, a dining and restaurant technology platform. Swiggy will use the acquisition to enter the dining out (non-delivery) market, where it will c...

Grocery delivery platform Instacart files for U.S. stock market debut

Grocery delivery platform Instacart files for U.S. stock market debut

By Nikita Chaurasia

Instacart, a grocery delivery service, has announced that it has submitted a provisional registration statement with the Securities and Exchange Commission (SEC), clearing the way for the company to list its shares on the U.S. stock exchange. The ...

Tyson Foods improves annual sales outlook as meat prices surge in U.S.

Tyson Foods improves annual sales outlook as meat prices surge in U.S.

By Nikita Chaurasia

American food major Tyson Foods Inc. has reportedly improved its full-year sales outlook after witnessing better-than-expected earnings and revenue in the last quarter. The company raised its full-year sales to around USD 54 billion, above the averag...

EU likely to enforce new rules to regulate tech giants in spring 2023

EU likely to enforce new rules to regulate tech giants in spring 2023

By Nikita Chaurasia

The Executive Vice President of the European Commission Margrethe Vestager reportedly claimed that the union is likely to start enforcing the Digital Markets Act (DMA) in the spring of 2023. The antitrust legislation, which aims to limit the power of...

India teams up with Japan to develop affordable EV charging standard

India teams up with Japan to develop affordable EV charging standard

By Nikita Chaurasia

India and Japan are reportedly working on a joint initiative to develop a standard for electric vehicle charging in emerging markets. The duo will use Japan’s protocols to make easier-to-install and operate EV charging stations. The CHAdeMO ...