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Bitcoin Crosses Past Twenty Thousand USD For The First Time Ever, Creates Historic Milestone

The Bitcoin’s price just crossed 20,000 USD for the 1st time ever, creating a historic milestone for the topmost digital asset by market capitalization.

The date of 16th December will be remembered in history as the day Bitcoin broke 20k mark for the first time ever. The historic milestone is witnessed just over 2 weeks subsequent to smashing its earlier all-time high level.

CME Bitcoin Futures

At the same time, this surge is different from 2017’s because of more than a few ins and outs that might assist Bitcoin rise even higher. These comprise mounting institutional demand, the snowballing discernment among investors that Bitcoin is a store of value, and sturdier network basics.

Apropos the spectacular rise of Bitcoin to its all time highs, Paolo Ardoino, CTO at Bitfinex comments:

“Bitcoin’s ascent above US$20,000 is yet another milestone in what has been an epic year,” said Paolo Ardoino, CTO at Bitfinex. “But the main story is not about speculation or trading. Bitcoin represents a monumental technological shift, the consequences of which are only just beginning to be seen. Critics should take heed of the quiet dedication of those building layers upon this technology that will change the very nature of money by the end of this decade.”

It is to be noted that this time, institutional investor-focused platforms are witnessing a fiery upsurge in trading action. For illustration, the CME Bitcoin futures market lately showed an open interest of over one billion dollars, ranking just after crypto exchange OKEx as the 2nd largest in the global BTC market.

Notably, the performance of Bitcoin has overshadowed that of gold this year once again along with that of S&P 500, in spite of the valuable metal and the stock index breaching their own ATHs this year.

Image by Can Karakaya from Pixabay