Technology
Bitcoin hits $20,000 for the first time ever
It took a while, but it finally happened: One bitcoin is currently worth more than $20,000.
The number has a special significance for proponents of the cryptocurrency. On Dec. 17, 2017, after a period of intense growth, Bitcoin came within spitting range of $20,000 per bitcoin, only to crash down hard in the next couple of days, triggering a multi-year bear run that saw the price go as low as $3,200.
Bitcoin came close again a few times this November and December, but the price stopped short of $20,000, followed by some very intense drops.
Now, however, there was no stopping Bitcoin. Fueled by a string of good news — read our overview of the events that led to this bull run here — the price rise was unstoppable.
While the sheer number — $20,000 per bitcoin — isn’t really significant other than being a round figure, the fact that Bitcoin has consistently reached new peaks during its 12 years of existence is important. Often compared to the Dutch Tulip Bubble, Bitcoin proved it’s not, in fact, a (typical) bubble, because it keeps coming back, and it’s stronger every time it does.
Other cryptocurrencies are doing well, with Ethereum trading at $600 and XRP trading at $0.46 — not their highest levels ever, but pretty far from the doldrums they were in last spring. Overall, the total market cap of all cryptocurrencies according to CoinGecko is around $600 billion.
As for where Bitcoin goes from here, we’ve heard every number under the sun — from a crash to zero to an insane pump to $300,000 or more over the next couple of years. And while Bitcoin will likely remain a volatile and risky asset to invest in in the near future, there’s no denying that it’s now impossible to ignore.
Disclosure: The author of this text owns, or has recently owned, a number of cryptocurrencies, including BTC and ETH.
-
Entertainment6 days ago
iPad Pro 2024 now has OLED: 5 reasons this is a big deal
-
Entertainment6 days ago
‘Stardew Valley’ has an official cookbook. Here’s how to make Seafoam Pudding.
-
Business6 days ago
Legion’s founder aims to close the gap between what employers and workers need
-
Business5 days ago
Checkfirst raises $1.5M pre-seed, applying AI to remote inspections and audits
-
Business4 days ago
AI chip startup DEEPX secures $80M Series C at a $529M valuation
-
Business4 days ago
Retell AI lets businesses build ‘voice agents’ to answer phone calls
-
Entertainment3 days ago
'House of the Dragon' recap: Every death, ranked by gruesomeness
-
Entertainment3 days ago
Jinkx Monsoon promises ‘the queerest season of ‘Doctor Who’ you’ve ever seen!’