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Bitcoin, Price Bitcoin

Bitcoin Hits New All-Time High Of $19,850 Nearly Three Years After Crypto Crash

Bitcoin hit a new all-time high of $19,850 nearly 3 years after the crypto crash

11/30/2020 7:58:00 PM

Bitcoin hit a new all-time high of $19,850 nearly 3 years after the crypto crash

The price of bitcoin has skyrocketed up 170% this year alone–eclipsing its record high of $19,783 on Monday, but only for a few minutes.

ToplineLess than three years after crypto markets notoriously crashed, the price of bitcoin has proved resurgent, eclipsing its all-time high from December 2017 on Monday as the world's first cryptocurrency soars amid global inflation concerns sparked by heightened government spending during the pandemic.

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Bitcoin logo displayed on a smartphone.SOPA Images/LightRocket via Getty ImagesKey Factsreached as much as $19,850–eclipsing an all-time high of $19,783 from December 2017, according to the CoinDesk Bitcoin Price Index, which provides the average price of bitcoin across several leading global exchanges.

Within minutes, the price fell back to about $19,500, but bitcoin is still up roughly 7% in the last 24 hours, boosting year-to-date gains to about 170%.Bitcoin’s rally this year has been fueled by investors flocking to cryptocurrencies as a hedge against longer-term inflation concerns, which have heightened as a result of large-scale government stimulus packages, Nigel Green, the CEO of $12 billion wealth advisory DeVere Group, said earlier this month. headtopics.com

The price of the U.S. dollar relative to other government-backed currencies, for example, has tanked to itsin two and a half years.Crucial Quote “The significance of a new all-time high in dollar terms can’t be understated,” Kevin Kelly, cofounder of Delphi Digital and a former Bloomberg equity analyst,

. “Many skeptics have publicly denounced bitcoin for failing to reach a new high despite such a favorable macro backdrop so this is yet another testament to bitcoin’s staying power.”Key Background Read more: Forbes »

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