Bitcoin Breaches US$ 23,000 For The First Time

1 min read | December 17, 2020 11:18 AM EST | By Team Kalkine Media

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Bitcoin (USD) once again hit a new milestone, zooming past US$23,000 for the first time in history. The digital currency is up by over 220 per cent this year.
Today’s rally is supported by large institutional buying on Wall Street and bullish market sentiment.
Bitcoin hit the US$-20000 mark in it short two-decade life a day ago on December 16.
Cryptocurrency-related stocks climbed across the world, including North American and Asian markets.
Dizzyingly rally is primarily due to massive participation and mainstream recognition of cryptocurrencies.
The pandemic has accelerated a paradigm shift from the use of physical currency to digital currencies such as cryptocurrencies, Etherum, Ripple, etc. Central banks worldwide are brainstorming on systems to build digital currency.
At the time of filing this, Bitcoin was at US 23,083.97 (CAD 29,250.65), up +0.8257 per cent today.
Some of the trending crypto-related stocks in Canadian markets were HIVE Blockchain Technologies Ltd., Square, Inc., DMG Blockchain Solutions Inc., Bitfarms Ltd. etc.
In 2017, Bitcoin had raced to US$ 17000, but dropped to US$ 3,500 a year later.
Ethereum, the second-largest cryptocurrency which often moves in tandem with bitcoin, was also trading at its highest level of US$ 663.1757, at the time of filing this.

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