(rejected) Bitcoin Price Surges Past $26,000 To Hit A Fresh All-Time High

As the 2020 bull run indicates no signs of slowing down, the world’s largest cryptocurrency is taking its December gains to nearly 50%. According to trading data, Bitcoin has surged past the $26,000 level to set an all-time record high. On CoinMarketCap, the crypto was trading at $26,270.96 as of 20:47 GMT on Saturday, December 26, an increase of 7.36% over the preceding 24 hours.

After beginning the year at around $7,000 per Bitcoin, the price of the leading digital currency has soared through the year to rise well past the 2017 all-time high of around $20,000. In late November, the world’s most sought-after cryptocurrency hit $18,000 for the first time since December 2017. This prompted traders to suggest that the digital currency was heading towards its historical high.

On Christmas day, Bitcoin price increased above $25,000, but less than an hour later its value quickly returned to $24,908.

Bitcoin as A Better Safe-Haven Investment Than Gold

Bitcoin accounts for an estimate of 65.6% of the world’s crypto market. The crypto’s profile has soared together with its price this year, with the COVID-19 pandemic and subsequent unprecedented government spending sprees putting it sharply in contrast with fiat currencies.

Bitcoin has, therefore, attracted lots of attention from a huge number of big-name investors who see it as an emerging inflation hedge and safe-haven asset.

 As Wall Street giants and institutional investors increasingly embrace the digital currency, this swells consumer interest. 

Since the crypto community feels vindicated by Bitcoin’s performance this year, they are feeling upbeat going into 2021. 

Last week, British fund manager Ruffer Investment Management company pushed the price of Bitcoin over the $20,000 mark when it announced that it purchased $745 million in Bitcoin, an incident widely taken as a signal of increasing institutional interest in the digital currency.

Earlier last week, macro investor, Michael Novogratz, also stated that he can see the leading cryptocurrency hitting $50,000 next year, predicting that the crypto would eventually eclipse gold’s market size.

Early this month, Ray Dalio, the founder of the world’s largest hedge fund firm, Bridgewater Associates, admitted that Bitcoin has now established itself as a gold-like asset alternative.

Furthermore, Todd Gordon, the founder of TradingAnalysis.com, stated that the digital currency could possibly reach $74,000 by the end of the upcoming year. Lastly, Rick Rieder, the Chief Investment Officer at BlackRock multinational investment management company, said that the leading cryptocurrency could soon take the place of gold to a large extent because the cryptocurrency is “so much more functional than passing a bar of gold around.”